Leaders of the Government of Zanzibar and the ruling party are impressed by how NMB Bank has planned to participate in development activities on the islands and its contribution to building a strong modern economy.
Giving a speech during the Taarab Zanzibar Night event on Saturday, the officials praised NMB Bank’s commitment to work closely with the government and pledged adequate co-operation with the Bank.
NMB is involved in building Zanzibar through its various services and has already planned to work with the Government of Dr. Hussein Ali Mwinyi to implement various projects.
Speaking before the celebrations, NMB Chief Executive Officer, Ruth Zaipuna, said the Bank not only is committed to supporting the development of Zanzibar but also has a financial contribution.
“NMB Bank has great potential to participate in major strategic projects. The bank has a table of more than 7 trillion now, sufficient capital and liquidity,” she said. Zaipuna clarified and added that NMB is a bank that is capable and ready to participate in major strategic projects.
Ms. Zaipuna added that “Mr. President, we are well prepared to serve the people of the islands and help fulfill the vision of the new government”.
Taarab Night was officially organized to congratulate the President of Zanzibar and the Chairman of the Revolutionary Council for his landslide victory. The event was organized by CCM Urban West Region with NMB participating as the main sponsor.
Apart from Dr. Mwinyi, other senior leaders present were the Vice President of Zanzibar, Hon. Hemed Suleiman Abdullah, and the Speaker of the House of Representatives, Hon. Zubeir Ali Maulid.
“The close involvement of NMB Bank in this event is another indication of its readiness to work with this Government and participate in the development of Zanzibar,” CCM Zanzibar Deputy General Secretary Dr Abdulla Juma Mabodi told the audience.
“They are already making a significant contribution to our economy. We as a party and the government congratulate them on that and thank NMB for being willing to contribute to the blue economy,”he added.
The Regional Commissioner for Urban West Zone – Unguja, Mr. Idrisa Kitwana Mustafa, told reporters after the event that NMB’s contribution to the transformation of the blue economy will be very significant.
The development of the blue economy is one of the major agendas of the Eighth Phase Government. In his inaugural address to the 10th House of Representatives last month, Dr Mwinyi pledged to build a new Zanzibar through a modern blue economy.
Regarding the economy, Ms. Zaipuna said: “NMB Bank is committed to partnering with the government to realize its vision for the blue economy and we have already started in action. This week we have provided capacity building education to fishermen, algae farmers and salt harvesters. ”
The program aims to reach 2,000 citizens by March 2021.
“Once we have built their capacity, the goal is to start giving them low interest rates on Fanikiwa which starts at a minimum of 500,000 shillings to 5 million shillings,” Ms Zaipuna explained.
NMB is also involved in the development of Zanzibar tourism.