Tanzania Mortgage Refinance Company (TMRC) has officially launched its Second Medium Term Note Programme (MTN Programme II), marking another major milestone in the country’s efforts to strengthen capital markets and expand access to affordable housing finance.
The launch event, held in Dar es Salaam, brought together senior government officials, financial institutions, capital market stakeholders, development partners, investors, and members of the media. The ceremony was officiated by the Deputy Governor of the Bank of Tanzania, Dr. Yamungu Kayandabila on behalf of the Governor.
Speaking during the launch, TMRC’s Chief Executive Officer, Elibariki Ndossi described the programme as a strategic initiative aimed at mobilising long-term funding to support Tanzania’s growing housing sector while deepening the country’s financial and capital markets.
The newly launched programme has a capacity of up to TZS 100 billion and follows the successful completion of TMRC’s first Medium Term Note Programme, which was launched in 2018 and concluded in 2022.
Supporting Tanzania’s Housing Agenda
According to TMRC, the new programme is designed to:
- Mobilise long-term resources through capital markets
- Increase affordable liquidity for housing finance institutions
- Expand access to affordable and quality housing for Tanzanians
The CEO noted that Tanzania continues to face a significant housing deficit, with annual demand estimated at more than 300,000 housing units, while actual housing production remains far below that figure.
Beyond construction challenges, the housing sector also faces several financing constraints, including:
- Limited access to long-term mortgage financing
- High borrowing costs for home loans
- Limited capacity among financial institutions to provide long-term lending
TMRC says the MTN Programme II will help address these challenges by enabling banks and financial institutions to increase the availability of affordable mortgage loans and housing improvement financing.
The funds raised under the programme are also expected to support housing developers and strengthen the overall stability and depth of Tanzania’s financial and capital markets.
Strengthening Investor Confidence
During the launch, TMRC emphasised that the success of the programme is built on strong governance, financial discipline, and transparency.
The institution highlighted its commitment to:
- Robust financial management systems
- International Financial Reporting Standards (IFRS)
- Strong oversight from the Board of Directors and regulatory authorities
These measures, the CEO said, are intended to ensure investor confidence, accountability, and long-term sustainability of the programme.
Call for Continued Support
TMRC also called for continued support from the government, regulators, financial institutions, and development partners to create an enabling policy and legal environment that supports growth in the housing and capital markets sectors.
The institution encouraged both local and international investors to participate in strategic investments capable of delivering long-term economic and social transformation.
Appreciation to Stakeholders and Advisors
TMRC extended appreciation to key stakeholders including the Ministry of Finance, Bank of Tanzania, Capital Markets and Securities Authority (CMSA), Dar es Salaam Stock Exchange (DSE), financial institutions, investors, development partners, and the media for their contribution toward the success of the programme.
The institution also recognised the team of professional advisors that supported the execution of the programme, including:
- Lead Transaction Advisor: Stanbic Bank Tanzania
- Lead Arranger: Global Alpha Capital
- Legal Advisor: Abenry Advocates
- Reporting Accountant: KPMG
- Receiving Bank, Fiscal Agent and Registrar: NMB Bank Plc
A New Chapter for Housing Finance
TMRC said the launch of the Second Medium Term Note Programme is not the end of the journey, but the beginning of a broader vision to enable home ownership through capital markets.
Through the programme, the institution aims to increase access to long-term financing and create more affordable home ownership opportunities for Tanzanians across the country.
The company concluded by inviting stakeholders and investors to actively participate in the initiative, describing it as a strategic investment with both economic and social benefits for Tanzania’s future.
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