TIB-CBL urged to issue cotton farmers with credit facilities

25Jun 2019
The Guardian Reporter
DODOMA
The Guardian
TIB-CBL urged to issue cotton farmers with credit facilities

PRIME Minister Kassim Majaliwa has directed the TIB Corporate Bank Limited (TIB- CBL) to focus on reaching out to cotton farmers to access loans to boost productivity.

PRIME Minister Kassim Majaliwa.

PM Majaliwa was speaking in Dodoma yesterday when he officially opened the bank’s branch in the capital city.

“The government is determined to give loans to cotton farmers in the lake zone, we call upon the bank to direct its focus to them,” he said.

The PM also commended the bank for increasing its capital from 206bn/- in 2015 to 409bn/- last year.

He also hailed the financial institution for issuing loans at the lower interest rates ranging between nine to 15-per cent.

In her remarks, the Deputy Minister for finance and planning Dr Ashatu Kijaji said last year TIB- CBL had issued loans to various government entities amounting to 224.35bn/- .

The institutions included Tanzania Telecommunication Company Limited (TTCL), Medica Stores Department,Tanzania Railways Corporaqtion (TRC), Tanzania Civil Aviation Authority (TCIA) and Urafiki Textile Mills among others.

Dr Kijaji said the money had helped the institutions to continue with their operations without waiting for government subsidies.

The bank opened the new branch in Dodoma with an aim of reaching out to Central Tanzania businesses.

The TIB –CBL now operates seven branches countrywide.

“Currently we have reached seven branches where in Dar es Salaam we have three, Mbeya, Mwanza and now Dodoma we aim at giving the best services,” said the bank’s managing director Frank Nyabundege.

According to him, the branch will serve the central zone and its surrounding neghbourhoods.

He said the opening of the branch was a sign of the bank’s commitment towards supporting the government efforts to ensure the conducive environment for Dodoma residents and its environs.