Unguja. The People’s Bank of Zanzibar (PBZ) and Stanbic Bank Tanzania (SBT) have signed a strategic agreement as Co-Mandated Lead Arrangers to facilitate a local syndicated loan aimed at supporting the socio-economic development agenda of the Revolutionary Government of Zanzibar.
The first tranche of the loan, valued at Sh185 billion, will be financed by both SBT and PBZ as Original Lenders.
The two financial institutions formalised their collaborative development financing partnership yesterday, with the minister of State in the President’s Office (Finance and Planning), Dr Saada Mkuya, in attendance.
Dr Mkuya said the loan would help to stabilise Zanzibar’s economy and drive sustainable growth.
“This credit comes at a crucial time, as it will help us accelerate economic growth from the current 7.3 percent to over 7.4 percent. It will provide the necessary funds to invest in economic infrastructure, enhancing key sectors like tourism, which was severely impacted by the Covid-19 pandemic,” she said.
She said the Covid-19 pandemic caused Zanzibar’s economy to contract by 1.2 percent in 2022 due to the disruption of global markets and international travel.
However, with the economy now recovering, she pointed out the growing interest from commercial banks in Mainland Tanzania, including Stanbic Bank, which is set to open its first branch in Zanzibar this year.
The Permanent Secretary in Zanzibar’s ministry of Finance and Planning, Dr Juma Malik Akil, said the syndicated loan is a key component of the government’s domestic borrowing strategy, which supports the development budget of Sh1.7 trillion for the fiscal year.
“We still face a significant financing gap for development projects, which necessitates similar support and strategic partnerships, such as today’s witnessed synergy demonstrated between Stanbic Bank and PBZ Bank,” Dr Akil said.
PBZ Managing Director, Mr Arafat Ally Haji, reiterated the bank’s role as a key development partner for both the government of Zanzibar and the Union government.
“These funds will facilitate the completion of ongoing socio-economic projects while also financing new initiatives planned by the authorities, ensuring long-term, sustainable prosperity for the people of Zanzibar,” he said.
With total assets exceeding Sh2.5 trillion, PBZ Bank is well-positioned to assist the government with various development projects, furthering its mission to support Zanzibar’s socio-economic development.
Stanbic Bank’s Chief Executive, Mr Manzi Rwegasira, described the agreement as a significant milestone in the bank’s continued commitment to Zanzibar’s prosperity and Tanzania’s broader economic development.
He highlighted that over the past few years, Stanbic Bank has facilitated more than $1 billion (about Sh2.6 trillion) in financing towards development projects across the country.
“This financing will be a catalyst for Zanzibar’s progress in key sectors such as fisheries, maritime trade, energy, tourism, and infrastructure,” Mr Rwegasira stated.
He further emphasised that this syndicated loan will play a pivotal role in advancing Zanzibar’s Blue Economy, a strategy designed to unlock the full potential of the Isles’ maritime resources.
With this partnership, both banks aim to foster long-term economic growth and development in Zanzibar, ensuring a lasting impact on the island’s prosperity.
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Tanzania Confirms Second Marburg Outbreak After WHO Chief Visit
Dar es Salaam — Tanzania’s President Samia Suluhu Hassan has declared an outbreak of Marburg virus, confirming a single case in the northwestern region of Kagera after a meeting with WHO director-general Tedros Adhanom Ghebreyesus.
The confirmation follows days of speculation about a possible outbreak in the region, after the WHO reported a number of deaths suspected to be linked to the highly infectious disease.
While Tanzania’s Ministry of Health declared last week that all suspected cases had tested negative for Marburg, the WHO called for additional testing at international reference laboratories.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”Amelia Clemence, public health researcher
Subsequent laboratory tests conducted at Kagera’s Kabaile Mobile Laboratory and confirmed in Dar es Salaam identified one positive case, while 25 other suspected cases tested negative, the president told a press conference in Dodoma, in the east of the country today (Monday).
“The epicentre has now shifted to Biharamulo district of Kagera,” she told the press conference, distinguishing this outbreak from the previous one centred in Bukoba district.
Tedros said the WHO would release US$3 million from its emergencies contingency fund to support efforts to contain the outbreak.
Health authorities stepped up surveillance and deployed emergency response teams after the WHO raised the alarm about nine suspected cases in the region, including eight deaths.
The suspected cases displayed symptoms consistent with Marburg infection, including headache, high fever, diarrhoea, and haemorrhagic complications, according to the WHO’s alert to member countries on 14 January. The organisation noted a case fatality rate of 89 per cent among the suspected cases.
“We appreciate the swift attention accorded by the WHO,” Hassan said.
She said her administration immediately investigated the WHO’s alert.
“The government took several measures, including the investigation of suspected individuals and the deployment of emergency response teams,” she added.
Cross-border transmission
The emergence of this case in a region that experienced Tanzania’s first-ever Marburg outbreak in March 2023 has raised concerns about cross-border transmission, particularly following Rwanda’s recent outbreak that infected 66 people and killed 15 before being declared over in December 2024.
The situation is particularly critical given Kagera’s position as a transport hub connecting four East African nations.
Amelia Clemence, a public health researcher working in the region, says constant vigilance is required.
“We never know when an outbreak might occur in a neighbouring nation. So we ensure infection prevention control assessments at every point of care as routine as a morning greeting at our workplaces.”
The Kagera region’s ecosystem, home to fruit bats that serve as natural reservoirs for the Marburg virus, adds another layer of complexity to disease surveillance efforts.
The virus, closely related to Ebola, spreads through contact with bodily fluids and can cause severe haemorrhagic fever.
Transparency urged
Elizabeth Sanga, shadow minister of health for Tanzania’s ACT Wazalendo opposition party, says greater transparency would help guide public health measures.
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“This could have helped to guide those who are traveling to the affected region to be more vigilant and prevent the risk of further spread,” she said.
WHO regional director for Africa Matshidiso Moeti says early notification of investigation outcomes is important.
“We stand ready to support the government in its efforts to investigate and ensure that measures are in place for an effective and rapid response,” she said, noting that existing national capacities built from previous health emergencies could be quickly mobilised.
The situation coincides with leadership changes in Tanzania’s Ministry of Health, with both the chief medical officer and permanent secretary being replaced.
This piece was produced by SciDev.Net’s Sub-Saharan Africa English desk.
Source: allafrica.com
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