TIB Development Bank Ltd will encourage development finance institutions in Tanzania and in SADC member states to provide funding for regional development projects, its Managing Director, Charles Singili has said.
Mr Singili who was recently appointed the Chairman of SADC DFI Network, said TIB Development Bank would use the opportunity to encourage the development finance institutions to provide funding to projects with impact to other SADC member states and those which are considered as enablers of integration.
The SADC DFI Network membership currently comprises 41 development finance institutions from 15 SADC countries.
According to Mr Singili, SADC DFI Network members in Tanzania are TIB Development Bank, Tanzania Agricultural Development Bank (TADB), and National Development Corporation.
He said TIB would cooperate with other DFIs in the network to facilitate preparations for bankable projects through SADC Fund.
TIB would cooperate with the government and other institutions to build enabling environment for Tanzania to host SADC Development Fund as that would enable development projects in Tanzania to get financial resources.
With government approval, TIB would help development projects in Tanzania with impact in the SADC region to get funds and guarantee from SADC finance institutions through syndication and club loans, he said.
Meanwhile, TIB Development Bank has been listed in the Association of African DFI’s Table of Honour as a category A, Best Performing African DFI, Mr Singili said.
He said the Secretary General of the Association of African Development Finance Institutions (AADFI) congratulated TIB for scoring 80 per cent in the recently announced 8th peer review of DFIs.
The score elevates TIB to a category A Best Performing FDI, he said.
“An `A` rating by AADFI raises TIB profile thus enabling the bank to increase investor confidence and to attract investment opportunities. TIB management intends to leverage its high rating to strengthen its role as a Tanzania’s National Development Finance Institution,” he said.