Dar es Salaam. NMB Bank has signed a Memorandum of Understanding (MoU) with state-owned Zanzibar Seaweed Company (Zasco) that could significantly unlock the potential for seaweed farming in Zanzibar.
NMB Bank Chief of Retail Banking Filbert Mponzi said at the MoU signing ceremony in Dar es Salaam at the weekend that the move aligns with the bank’s ambitious strategy of supporting sustainable economic development in Zanzibar.
Mr Mponzi said NMB has been at the forefront of supporting Zanzibar’s Blue Economy agenda and that signed MoU with Zasco will help in value addition and also in increasing the Isles’ foreign exchange earnings.
“This MoU reaffirms our commitment to supporting Zanzibar’s Blue Economy agenda. Our biggest role will be to increase the efficiency of smallholder seaweed farmers in Zanzibar by providing tailor-made banking products, financial literacy as well as technical training right at grassroots level,” Mponzi said.
Earlier, the Zasco Director General Dr Masoud Rashid Mohammed noted that the MoU had come at an opportune time as the company is embarking on its strategy to boost value addition in seaweed farming.
“We believe this MoU will be a game-changer. We will do everything possible to implement all the terms stipulated on time,” Mohamed said.
Mohamed said his company has already commenced construction of an Sh 8 billion seaweed processing plant in Zanzibar that will ensure that all the seaweed is processed before export so as to enable farmers to fetch better prices at the world market.
“This will be the biggest seaweed processing plant not only in Tanzania but Africa as a whole. Indeed this MoU has come timely as the production capacity of seaweed is still very low,” he said.
The Zanzibar Trade and Industrial Development Minister Omar Said Shabani during the event expressed optimism that seaweed is poised to overtake cloves as Zanzibar’s biggest foreign exchange earner within a few years to come.
“The price of seaweed is higher than that of cloves at the world market. With ample investment especially in value addition for seaweed, Zanzibar will be in position to get more foreign exchange,” he said.
Shabani said Zanzibar produces 23,000 tonnes of seaweed per annum with 90 percent of the out growers being women.
Share this news
This Year's Most Read News Stories
Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
ALSO READ: NBC’s Saving Campaign Empowers Customers Nationwide
Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
ACT-Wazalendo calls for withdrawal of mandatory travel insurance in Zanzibar
Starting October 1, all visitors to Zanzibar will be required to purchase a mandatory travel insurance policy costing $44 at the point of entryContinue Reading
MGAO WA MAJI WAWATESA WAZANZIBARI
Wananchi wengi hasa katika maeneo ya Mjini Unguja, wanalalamikia ukosefu wa maji safi na salama huku Mamlaka ya Maji Zanzibar ikikabiliwa na changamoto ya ukosefu wa ujuzi na wataalam katika masuala ya uandisi wa Maji na fani nyengine.Continue Reading
