By James Kamala
THE Minister of State in the President's Office (Investment), Prof Kitila Mkumbo has directed TIB Development Bank to stick on building local and foreign investors' confidence in using domestic
financial services for the growth of private sector."Support private informal sector to formalise and get access to loans so that they can grow through innovative ways of doing business and promoting the financial sector which is not yet well utilized," said Prof Mkumbo during the familiarization tour at the TIB Development Bank in Dar es Salaam yesterday.
He added that the financial sector should be promoted to take active role in economic uplift as most of the businesses in the country were spearheaded by agriculture and hospitality industry alone.
"It is, therefore, your role to ensure that local businesses in the country are formalised as a way of growing up and qualifying to access financial services for the financial sector to take major part in investment."
For his part, the TIB Development Bank's Managing Director Mr Charles Singili, told the minister that his bank has so far disbursed more than 600bn/- loans to 40 development projects which are playing part in industrialization drive.
He said that of the invested amount, 75 per cent of the projects were in the private sector, and the remaining 25 pc were in the public sector and most of them were long term projects.
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