EXIM BANK TANZANIA LAUNCHES SECOND BRANCH IN DJIBOUTI

Exim Bank Tanzania Board Chairman, Mr. Yogesh Manek addressing invited guests (not in the picture), who attended the bank’s second branch launching ceremony in Djibouti recently. The bank’s new branch was opened at Free Zone area, a move that aims at extending the bank’s services to customers in the country’s economic hub.

Exim Bank Tanzania Board Chairman, Mr. Yogesh Manek (second right) cuts a ribbon to launch the bank’s second branch at Free Zone, in Djibouti during the launching ceremony recently. With him, first right is Governor of The Central Bank of Djibouti, Mr. Ahmed Osman and other representative from both parties. (Photos by our correspondent).

By Our Correspondent, Djibouti

Exim Bank Tanzania has continued to widen its reach to customers abroad by opening its second branch in Free zone, Djibouti, a move that aims at extending its services to customers in the country’s economic hub.

Speaking during the inauguration ceremony in the new branch premises recently, the Governor of The Central Bank of Djibouti, Mr. Ahmed Osman, congratulated Exim Bank’s efforts to bring its innovative services closer to the people of Djibouti.

“This was a very strategic decision for Exim Bank,” Governor Osman, said. “It was important for the bank to expand its footprint in Djibout Free Zone and the Djibouti market and the location of this branch is a good spot for accessing that market,” adding.

Governor Osman said that this newly opened branch would enable the entire population of the Free Zone access quality banking facilities, including access to credit at reasonable rates.

While Mr. Jacky Kayiteshonga. Country Head, Exim Djibouti welcomed the gathering, Commenting on the economic outlook of Djibouti, the Chairman of Exim Bank Mr. Yogesh Manek said, “Djibouti Free Zone, handles about USD 2.8 billion turnover in a year. There are various future projects on queue like Port of Tadjourah, New Airport, Crude Oil terminal, Ship Repair and Dry Dock.

“The investment of about USD 300 million in phase 2 of the Djibout Free Zone and with expected investment of about USD 4.4 billion on the development of Ports and maritime related business activities in the country, it is safe to say that Djibouti is the place of the future”

He said that this is the appropriate time to capitalize on the extraordinary growth dynamics in the country and the opening of the Free Zone Branch is part of the Bank's strategy to grow its Djibouti business.

“People in the Free Zone should brace themselves for unmatched banking services that we are set to offer. Exim Bank believes in innovation and our new branch will offer tailor-made products,” he reiterated.