Zanzibar President Hussein Mwinyi (centre) arrives at the Arusha International Conference Centre on Friday, May 17, 2024. With him are the Arusha Regional Commissioner, Paul Makonda (left), the CRDB Bank Plc managing director, Mr Abdulmajid Nsekela (right) and other leaders. PHOTO|THE CITIZEN CORRESPONDENT
What you need to know:
Arusha. Zanzibar and Arusha will cooperate in an effort to boost investments in Tanzania’s tourism sector.
Zanzibar, which is famous for beach tourism, has been receiving an increased number of investors in the construction of hotels.
During CRDB Bank Plc's shareholders’ seminar here on Friday, May 17, 2024, Zanzibar President Mwinyi said there was a close link between what is happening in the Isles and in Arusha in terms of tourism, hence the need for close collaboration between the two.
He said investors were currently flocking to Zanzibar, where a number of hotels were being constructed.
President Mwinyi’s utterance was in response to a plea by the Arusha Regional Commissioner, Mr Paul Makonda, who said the rise of investments in Zanzibar’s tourism, especially in the construction of hotels, was a clear message that the government in the Isles could attract investors to also consider investing in Arusha.
Mr Makonda could have been speaking from the perspective of instructions he was given by President Samia Suluhu Hassan last month in Dar es Salaam during his swearing-in as the new Regional Commissioner for Arusha.
The head of state had told him to rebrand the tourist region of Arusha and ensure there was enough accommodation for visitors.
In his speech on Friday, Dr Mwinyi commended CRDB Bank for sustaining its profitability momentum and enabling the provision of dividends to its shareholders.
"Last year, CRDB Bank Plc's net profit jumped to Sh424 billion from Sh351 billion that was registered in 2022. This is a significant growth in profit," said President Mwinyi.
He said he was excited to note that the bank’s board of directors has proposed an 11 percent increase in dividend per share due to the growth in profits.
President Mwinyi also praised CRDB Bank for organising financial education and investment seminars for its shareholders, emphasising that financial literacy among citizens is a crucial foundation for the development of any nation.
President Mwinyi also emphasised the importance of the financial sector in the development of the nation, recognising CRDB Bank's significant contribution to strengthening the economy of Tanzania, both on the on the mainland and in Zanzibar.
He highlighted how CRDB Bank has been a key partner in advancing the concept of the Blue Economy through programmes such as 'INUKA with the Blue Economy', which, he said, have greatly contributed to sectors such as tourism, agriculture, livestock keeping, fishing, oil, trade, and entrepreneurship.
Speaking at the same event, the chairman of the CRDB Bank board of directors, Dr Ally Laay, said the lender, which is owned by Tanzanians and Tanzanian entities by 80 percent, takes pride in continuously enhancing the value of their shareholders' investments, including the government, which owns a 36 percent stake.
The Revolutionary Government of Zanzibar is a shareholder in the bank through the Zanzibar Social Security Fund (ZSSF).
The CRDB Bank Plc managing director, Mr Abdulmajid Nsekela, said the seminars the lender was providing sought to empower their shareholders and other Tanzanians to take financial responsibility and increase participation in investment opportunities, especially those available through the Dar es Salaam Stock Exchange.
"By providing this education, our shareholders also gain a better understanding of the benefits of investing in CRDB Bank, thus increasing investment and earning even higher returns. It also encourages other Tanzanians to invest in shares, especially in CRDB Bank, and start receiving dividends," added Nsekela.
Mr Nsekela thanked President Mwinyi for his strategic cooperation and the conducive business environment, which he emphasised as keys to the bank's successful performance.
He also assured President Mwinyi that CRDB Bank will continue to support the economy of Zanzibar by financing various development projects, especially by enabling citizens to benefit from Blue Economy opportunities.
During the seminar, various topics were covered. These include Financial Inclusion, Investment in Stocks, CRDB Bank's Green Bond, wills and estates, as well as Disaster Preparedness.
The Shareholders' Seminar was part of the preparations for the CRDB Bank’s 29th Annual General Meeting, which will take place on Saturday, May 18, 2024.
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