IBy Guardian Reporter , The Guardian
N a bid to support the growth of manufacturing industry, which contributes substantial share of the economy, NCBA Bank Tanzania has participated in financing the construction of new cement plant, the only white cement facility in Easters and Southern Africa.
The multi-million financing has enabled the construction of the Coast region based cement manufacturer’s new plant that will stimulate job creation, foreign exchange earnings through exports of white cement, local business growths and overall economic development.
In his speech during the launch of the new white cement plant in Vikindu recently, on behalf of NCBA Bank Chief Executive Officer (CEO) and managing director Claver Serumaga, the banks head of corporate banking Godson Biyengo said the event signified not only the fruition of a significant investment, but also a testament to the relentless pursuit of excellence in manufacturing and production industries.
He said NCBA Bank Tanzania's journey has been deeply intertwined with the growth and development of Tanzania's economy.
“From the inception, we have steadfastly invested in initiatives that promote economic prosperity and sustainable development.”
The expansion of cement company’s operations is a clear demonstration of the bank’s commitment to supporting the manufacturing sector and driving industrial growth, he said during the event, which was also attended by deputy minister, industry and trade Exaud Kigahe.
“We invested from the beginning, laying the groundwork for success. We believed in the vision and potential of the cement manufacturer and our unwavering support has been instrumental in their journey of growth and expansion,” he said.
The head of investment banking further said the expansion of the new cement plant marks a pivotal moment in their trajectory.
“It signifies not only increased production capacity but also job creation, technology advancement, and economic empowerment for the communities in Vikindu and beyond. This investment underscores our collective commitment to driving socio-economic development and creating opportunities for prosperity,” he said.
Biyego explained that NCBA Tanzania firmly believe in the power of supporting Industries and collaboration and the bank’s collaboration with the cement manufacturer exemplifies the synergy between the private sector and financial institutions in driving sustainable growth and development.
Through strategic financing and tailored solutions, he noted, NCBA Bank have empowered the cement company to realize its expansion ambitions and contribute meaningfully to Tanzania's industrialization agenda.
“As we embark on this new chapter of growth and expansion, I am confident that financed company will continue to uphold the highest standards of operational excellence, environmental sustainability, and corporate responsibility. Together, we will navigate the opportunities and challenges ahead, leveraging our collective expertise and resources to drive innovation, competitiveness, and inclusive growth,” he said.
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