Tanzania Investment Bank (TIB) has
signed a Memorandum of Understanding
(MoU) with the Mwanza City Council
which will see the construction of
effective market infrastructure and well
planned human settlements.
Speaking to reporters shortly after the
signing ceremony held at the newly
launched TIBs Mwanza Branch and Lake
Zone offices, TIB Managing Director Peter
Noni said the agreement aims at helping
young entrepreneurs have conducive environment for production and business
operations which will improve the
income of Mwanza residents.
"As a development bank, we are ready to
partner with other stakeholders to
support development projects here at the
Lake zone. The agreement we have just
signed with Mwanza City Council will
enable us to come up with and implement different development
projects which will include construction
of market infrastructure," said Noni. He mentioned that among projects which
will be funded by the bank, according to
the agreement, includes; surveying land
that can be used to set up industrial area,
markets, schools and residential areas,
something that will give Mwanza residents a chance to get plots with all
social services like electricity, water and
roads. "With this agreement, we as a bank are
trying to reduce the cost of starting a
business for our small scale entrepreneurs
because they will not be pressed to buy
land, construct a building for his small
industry, provide residential permits and other many requirements that have been
hindering many small scale
entrepreneurs.
This is to enable
entrepreneurs with little capital to
establish their own businesses. I believe
this agreement will help create more jobs for young people," Noni said. Speaking at the occasion, an economist at
Mwanza City Council, Patrick Kilango said
as banks stakeholders, they intend to
work closely with TIB to facilitate access
to social services and create enabling
business environment for Mwanza residents to carry out their economic
activities and raise their incomes.
"Improved infrastructures will make it
easier for people to be self employed;
meaning if we have improved markets
and essential utilities, we can construct
industrial shades which will help our
entrepreneurs carry out their production activities," added Kilango. Kilango mentioned that it is the Councils
wish to see that petty traders, popularly
known as Machingas, improve on how
they operate their businesses in a way
that it is transformed to be sustainable. "We consider the coming of TIB here as a
blessing because we will be able to get a
long term development loan with a much
less interest compared to other
commercial banks. With such loans,
which are also paid after a long period of time, we will be able to consider creating
a better working environment for the
machingas in Mwanza," he said. SOURCE: THE GUARDIAN
signed a Memorandum of Understanding
(MoU) with the Mwanza City Council
which will see the construction of
effective market infrastructure and well
planned human settlements.
Speaking to reporters shortly after the
signing ceremony held at the newly
launched TIBs Mwanza Branch and Lake
Zone offices, TIB Managing Director Peter
Noni said the agreement aims at helping
young entrepreneurs have conducive environment for production and business
operations which will improve the
income of Mwanza residents.
"As a development bank, we are ready to
partner with other stakeholders to
support development projects here at the
Lake zone. The agreement we have just
signed with Mwanza City Council will
enable us to come up with and implement different development
projects which will include construction
of market infrastructure," said Noni. He mentioned that among projects which
will be funded by the bank, according to
the agreement, includes; surveying land
that can be used to set up industrial area,
markets, schools and residential areas,
something that will give Mwanza residents a chance to get plots with all
social services like electricity, water and
roads. "With this agreement, we as a bank are
trying to reduce the cost of starting a
business for our small scale entrepreneurs
because they will not be pressed to buy
land, construct a building for his small
industry, provide residential permits and other many requirements that have been
hindering many small scale
entrepreneurs.
This is to enable
entrepreneurs with little capital to
establish their own businesses. I believe
this agreement will help create more jobs for young people," Noni said. Speaking at the occasion, an economist at
Mwanza City Council, Patrick Kilango said
as banks stakeholders, they intend to
work closely with TIB to facilitate access
to social services and create enabling
business environment for Mwanza residents to carry out their economic
activities and raise their incomes.
"Improved infrastructures will make it
easier for people to be self employed;
meaning if we have improved markets
and essential utilities, we can construct
industrial shades which will help our
entrepreneurs carry out their production activities," added Kilango. Kilango mentioned that it is the Councils
wish to see that petty traders, popularly
known as Machingas, improve on how
they operate their businesses in a way
that it is transformed to be sustainable. "We consider the coming of TIB here as a
blessing because we will be able to get a
long term development loan with a much
less interest compared to other
commercial banks. With such loans,
which are also paid after a long period of time, we will be able to consider creating
a better working environment for the
machingas in Mwanza," he said. SOURCE: THE GUARDIAN