NBC pledges support to local government authorities

Zanzibar. The National Bank of Commerce (NBC) has reaffirmed its commitment to supporting local governments for empowerment and inclusive development.

The commitment was stated by the bank’s director for corporate and investment banking, Mr James Meitaron during the annual general meeting of the Association of Local Authorities of Tanzania (ALAT) in Zanzibar, where NBC is one of the main sponsors.

Mr Meitaron appreciated the role played by local authorities in driving economic progress across Tanzania, emphasizing the bank’s dedication to provide services aligned with the evolving needs of LGAs.

He highlighted the bank’s contribution to the national economy, with over Sh66.5 billion remitted to national coffers in 2023 alone.

Mr Meitaron highlighted the bank’s involvement in financing and structuring major strategic projects such as the standard gauge railway and the Tanga Urban Water Green Bond, demonstrating its role in driving national infrastructure development.

Highlighting the bank’s role in arranging major credit facilities, Mr Meitaron cited examples like the $200 million credit facility to the government of Zanzibar and financial lead arrangements for municipal bonds.

“We welcome other government institutions seeking structured finances for significant projects because we have expertise and capability in facilitating such initiatives,” he said.

Mr Meitaron also assured LGAs of commitment to their financial needs, underlining the institution’s digital readiness and robust financial position.

“As a government-owned bank and a trusted partner in national development, NBC stands ready to empower LGAs with tailored solutions for revenue enhancement and sustainable growth,” he said.