TIB DEVELOPMENT BANK LTD AND SNV-NETHERLAND DEVELOPMENT ORGANIZATION SIGN PACT ON MANAGING RESULT-BASED FUND FOR RURAL SOLAR MARKET DEVELOPMENT IN LAKE-CENTRAL ZONES OF TANZANIA

TIB Acting Managing Director, Patrick Mongella (right) and SNV Deputy Country Director  Lucy Fulgence Silas sign the agreement.

TIB Acting Managing Director, Patrick Mongella (right) and SNV Deputy Country Director Lucy Fulgence Silas exchange the signed agreement.

TIB Acting Managing Director, Mr. Patrick Mongella (right) and SNV Deputy Country Director Ms. Lucy Fulgence Silas display the signed agreement.

TIB Acting Managing Director, Patrick Mongella (second left) speaking during press conference on TIB Development Bank role in managing Result-Based Fund for rural solar energy penetration (market development) in lake and central zones of Tanzania. Others are SNV Deputy Country Director Lucy Fulgence Silas (left), TIB’s Managed Funds, Lilian Mbassy (second right) and Acting Director, Legal and Secretarial Services, TIB’s Menson Ngahatilwa (right).

………………………

TIB Development Bank Ltd has signed an agreement with SNV Netherlands Development Organization for managing Result-Based Fund for rural solar energy penetration (market development) in lake and central zones of Tanzania.

The project aims to facilitate introduction and sustained usage of solar power solutions particularly pico-solar and small solar home systems in target rural remote areas within the

lake and central zones of Tanzania.

TIB Development Bank undertakes this role towards fulfilment of its mandate as a national Development Financing Institution (DFI) which requires the bank to facilitate economic growth of our nation. Ensuring access to clean and sustainable sources of energy is one of efforts to accomplish this.

As a national DFI, TIB is mandated to promote national economic growth and realize various national development initiatives. Our main products for delivering such growth are Loans, Advisory Services, and Fund Management.

TIB Development Bank Acting Managing Director, Mr. Patrick Mongella said TIB Development Bank Ltd offers Funds Management Services to the Government and Development Partners at large with financial resources and developmental objectives who require services of an Agent to administer the funds and ensure achievement of envisaged developmental objectives.

“The bank has an independent directorate dedicated for fund management which has over ten (10) years’ experience currently managing funds worth TZS 264.3 billion in energy, water, agriculture and mining sectors,” Mr. Patrick Mongella said.

SNV Tanzania is involved in three renewable energy sub-sectors including Domestic Biogas, Improved Cook Stoves and Solar Energy. Aim is to improve the livelihoods of the rural and semi-urban communities in Tanzania by accelerating the dissemination and use of renewable energy products and services.

Speaking during the event, Mr. Mongella appealed to the Government and Development partners in need of Fund Management Services to make use of services offered by TIB.