Dar es Salaam. The Export Processing Zones Authority (EPZA) has introduced a collective investment scheme as a strategic mechanism to finance the development of industrial sheds and warehouses, essential for supporting industrial activities.
EPZA Director General, Charles Itembe, announced the initiative on December 3, 2024, stating that the scheme aligns with recommendations from capital market stakeholders.
“The collective investment scheme targets the industrial Real Estate Trust Fund to finance the construction of industrial sheds and warehouses for leasing to investors,” Mr Itembe explained.
He said there was a strong demand for industrial infrastructure and that the initiative would facilitate infrastructure development in the Bagamoyo Special Economic Zone, where projects like roads and water supply are already underway.
“With essential infrastructure in progress in Bagamoyo, we are simultaneously working to attract investors to the area,” he said, adding that the scheme could help secure funds before the completion of the zone.
Mr Itembe noted that with the Benjamin William Mkapa Special Economic Zone in Dar es Salaam fully occupied, accelerating infrastructure development in Bagamoyo and other regions is critical.
The initiative presents a profitable investment opportunity for local and international investors, promising returns comparable to government and corporate bonds.
It aims to attract retail investors, institutional investors, pension funds and other corporate investors. EPZA plans to release an information memorandum, approved by the Capital Markets and Securities Authority (CMSA), to market the service.
The Benjamin William Mkapa Special Economic Zone has already demonstrated success, hosting investors in garment production, bank card manufacturing, and agricultural processing.
The zone generates $70 million in annual sales, supports 5,000 jobs, and has attracted $400 million in capital investments.
Moreover over 220 export-oriented factories across Tanzania have invested $5 billion in capital, generating $3.5 billion in export sales.
The Bagamoyo Special Economic Zone, spanning 980 hectares, will be developed into an industrial city through collaborative efforts between the government and the private sector.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
