NMB Bank Plc has invited contractors implementing medium to long-term projects to get access to loans without collateral condition in a bid to complete their work on time.
The call was made on Monday by NMB Bank Chief Executive Officer Ms Ruth Zaipuna during a press conference shortly after President Samia Suluhu Hassan laid the foundation stone of the Standard Gauge Railway (SGR) project from Fela area in Mwanza Region to Isaka in Shinyanga Region.
She said loans to contractors were part of the bank's partnership with the government in the implementation of strategic development projects and the national economic and social goals.
"As NMB Bank, we are proud to be part of the government's achievement in economic and social development goals; we will continue to work with the government to achieve economic goals by providing quality and effective services," she said.
She added; "We have also partnered with foreign companies to coordinate major projects such as road construction, as well as water infrastructure... so far we provided 200bn/- guarantee for the SGR project," The CEO revealed that the bank has supported more than 500 local contractors who have won tenders at the district and regional levels.
According to Ms Zaipuna, the NMB Bank had facilitated Tanzania Electricity Supply Corporation (TANESCO), the Ports Authority (TPA) and Medical Store Department (MSD) in foreign procurement by issuing Letters of Credit worth more than 120bn/-.
The bank has provided 48bn/-guarantee to local companies implementing rural electrification projects through the Rural Energy Agency, REA.
In addition to financial services, NMB Bank is also partnering with the government through the Tanzania Railways Corporation (TRC) to pay compensation to individuals whose areas are included in the ongoing railway's construction projects.
The bank has pledged to continue fostering its support for the government's priority projects as it endeavours to play an increasing role in the country's development efforts.
The bank's performance in the last year was impressive with notable growth in the balance sheet, total income, and slight growth in operating expenses.
Net profit crossed the 200bn/- mark for the first time in the history of the Tanzanian banking industry, closing the year at 206bn/- which is up 45 per cent year on year.
The bank's profit before tax grew by 40 per cent to 296bn/-from 211bn/-in 2019. The Bank remains among the best capitalized in the market, with our share price averaging at 2,340/- per share in 2020.
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