TTCL to get 716bn/- TIB Bank support

14Jan 2016
The Guardian Reporter
The Guardian
TTCL to get 716bn/- TIB Bank support

state communications company, Tanzania Telecommunications Company Limited Tanzania (TTCL) has signed a memorandum of understanding with TIB Development Bank (TIB) to get US$ 329 million (about 716bn/-) cash loan and credit guarantee.

Tanzania Telecommunications Company Limited CEO Dr Kamugisha Kazaura (L) and TIB Development Bank deputy managing director Jaffer Machano sign an agreement in Dar es Salaam yesterday under which the bank will disburse to TTCL USD 22 million to finance Phase One of the strengthening and modernisation of the firm’s networks.

TTCL will get an initial US$ 22 million cash from TIB that will enable the company invest in third generation (3G) and the latest 4G LTE communication broadband and survive the market’s stiff competition.

“Availability of this loan and loan guarantee will help address the problem of shortage of capital which was hindering our quick implementation of commercial plans for growth,” said TTCL Chief Executive Officer, Dr Kamugisha Kazaura.

Terming the deal as good news to local consumers, Dr Kazaura pointed out that the loan will enable the company import state of the art technology, develop infrastructure that will ensure that the company becomes commercial competitive.

This loan is specific for TTCL to enable sophisticated set up new plants so improve its services to create and distribute services of 3G and 4G LTE networks across the country.

Address to journalist yesterday the chief executive officer at Tanzania Telecommunications Company Limited Tanzania TTCL Dr Kamugisha Kazaura said, this is a good news for Tanzanians and all stakeholders in the mobile services. TTCL thank a bank of TIB for trust us and agree to cooperate with us after ascertaining that we are capable and determined to make a major commercial to improve our services.

“Found for loan to these securities will reduce the problem of lack of money that face in the country and now we can implement our plan to rapidly trade reform including building infrastructure, machinery and equipment to bring the modernisation of the country ”he said.

He noted icall upon the people of Tanzania and our customers continue to rely on general goods and services with the highest standards of quality, and cost-effective verification from TTCL.

For his part, of the Deputy Managing Director of TIB, Jaffer Machano said in fulfilling the responsibility of TIB as Bank development, building infrastructure was given priority and this includes infrastructure of telecommunication sector.

“As he said Dr Kazaura, the focus of the entire programme is to give USD 329mln/- and TIB is ready to ensure this first project that has been made by a subsidiary of TIB group - TIB corporate bank” he said.

Some services that TTCL can stand up after enabling this includes mobile services and internet in high-speed enabling social services done by easily through networks. The services as like this as well as the knowledge through networking, health, trade, industry and agricultural and they will benefit greatly where dealers and manufacturers of various products will find contact point in achieving their activities.

TTCL Phone Company is on soon introduce money transfer services through networks by the second quarter of this year to implement a long-standing request of its customers who desperately need this service and it will be cheaper.

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