The Tanzanian Government will increase the capital of the Tanzania Investment Bank (TIB) Group by TZS100b in order to facilitate the implementation of development projects, this is according to 2016–2017 National Development Plan.
The implementation of these projects includes granting loans mainly to industries which increase local value addition such as, mining and infrastructure, gas distribution for industrial use and electricity production. President Magufuli said during the Manufacturer of the Year Awards (PMAYA) held last month, that the Government has committed to strengthening the TIB Group in order to accelerate industrialization.
TIB Group’s objective is to provide medium and long-term loans to investors in agriculture, manufacturing, trade, transportation, tourism, and mining. TIB Development Bank, formerly known as Tanzania Investment Bank (TIB), is a government-owned development bank in Tanzania. Following the restructuring of TIB, 3 distinct, but related institutions were formed.
The TIB Group is comprised of – TIB Development Bank, TIB Corporate Finance, and TIB Rasilimali.