The Government has directed the Tanzania Investment Bank (TIB) to strengthen its operations so that it can play a more effective role in driving national economic growth and improving the lives of ordinary citizens.
The directive was issued by the Minister of Finance, Ambassador Khamis Mussa Omar (MP), during a meeting with TIB leadership in Dar es Salaam.
The meeting brought together the bank’s Board of Directors, led by Chairperson Mr. Sosthenes Kewe, and senior management to review the bank’s performance and future direction.
The Minister said TIB must fully focus on its core mandate of supporting development projects that directly benefit Tanzanians, in line with the National Development Vision 2050.
He stressed that the bank should work closely with other financial institutions to increase access to long-term and affordable financing for key sectors of the economy.
He directed the bank to put strong systems in place to improve financial management, including better recovery of loans issued to clients.
According to the Minister, this will ensure that public funds managed by the bank are protected and reinvested to support more development projects.
“In the next 12 months, TIB must prioritize correcting its financial systems. The Board should closely monitor progress through quarterly financial reviews to ensure value for money and accountability,” he said.
On their part, TIB Board Chairperson Mr. Sosthenes Kewe and Managing Director Mr. Deogratius Kwiyukwa said the bank is committed to supporting the Government’s long-term development agenda.
They explained that TIB plans to mobilize financing for major economic and social projects that are expected to create jobs and improve service delivery.
They said priority areas over the next 25 years will include agriculture, with a focus on adding value to farm produce, water projects to improve access to clean and safe water, and reforms in the financial sector.
More than Sh5 trillion is expected to be invested in these sectors, a move that is anticipated to create employment opportunities and strengthen the economy.
The meeting also discussed the need to improve internal leadership systems, reduce non-performing loans, strengthen loan assessment procedures, and enhance follow-up on projects funded by the bank to ensure they deliver real benefits to citizens.
The Government reaffirmed its expectation that a stronger and more efficient TIB will play a key role in accelerating economic development and improving the well-being of Tanzanians across the country.