PHOTO: One of the main foreign sponsers to the Investment Forum is the Afreximbank
Zanzibar is optimistic about striking profitable business deals during an investment and trade forum slated for November 30 to December 1, next month.
Business firms in the Isles are already upbeat about using the opportunity to attract foreign partners for joint ventures.
The Afreximbank is the main foreign sponsor, alongside the EABC—Africa Trade and Investment Council, a recently launched entity.
“The main objective of the forum is to promote trade, investment, and finance opportunities between Zanzibar and the rest of Africa,” said a brief on the event to The Citizen.
Such promotion will be undertaken in the context of the African Continental Free Trade Area (AfCFTA), which has since been operationalized.
Besides exploring potential business links between the Isles and “the rest of Africa,” it will also facilitate joint venture projects.
The African private-sector representatives will meet with Isles government and private-sector officials directly.
Afreximbank, in particular, will use the forum to strengthen its foothold in Zanzibar and the East African region through trade financing.
Afreximbank is a pan African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
The bank deploys innovative structures to deliver financing solutions that support the transformation of Africa’s trade, in particular intra-regional trade.
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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
