NBC BANK BACKS CONSTRUCTION OF MARUHUBI PASSENGER FERRY TERMINAL IN ZANZIBAR

NBC Bank’s Director of Retail Banking, Mr. Elibariki Masuke (left), and the Managing Director of Zanzibar Ferry Development Company Limited, Mr. Jaffer Machano (right), exchange congratulatory gestures as they display a signed cooperation agreement supporting the construction of the Maruhubi (Mpiga Duru) Passenger Ferry Terminal in Zanzibar through a concessional loan from the bank. The moment was captured during the project’s foundation stone–laying ceremony, officiated by the Second Vice President of Zanzibar, Hon. Hemed Suleiman Abdullah (seated at centre).

The Second Vice President of Zanzibar, Hon. Hemed Suleiman Abdullah (seated at centre), witnesses the signing of a strategic cooperation agreement between NBC Bank’s Director of Retail Banking, Mr. Elibariki Masuke (left), and the Director of Zanzibar Ferry Development Company Limited, Mr. Jaffer Machano (right).

ZANZIBAR, January 11, 2026 — The National Bank of Commerce (NBC) has reaffirmed its commitment to supporting Zanzibar’s economic transformation through the financing of large-scale strategic infrastructure projects, following its support for the construction of the Maruhubi (Mpiga Duru) Passenger Ferry Terminal via a concessional loan facility.

Once completed, the modern terminal is expected to significantly enhance tourism, trade, and maritime transportation, further strengthening Zanzibar’s position as a regional logistics and tourism hub.

NBC, represented by its Director of Retail Banking, Mr. Elibariki Masuke, participated in the foundation stone–laying ceremony for the project on Sunday. The event was officiated by the Second Vice President of Zanzibar, Hon. Hemed Suleiman Abdullah, and attended by senior government officials and private sector stakeholders.

Strategic PPP Infrastructure Project

The Maruhubi Passenger Ferry Terminal is being developed under a Public Private Partnership (PPP) arrangement between the Zanzibar Ports Corporation and Zanzibar Ferry Development Company Limited. The project aims to decongest Malindi Port while improving efficiency in passenger movement across the Isles.

Upon completion, the terminal is projected to handle approximately 8,000 passengers per day, translating to nearly three million passengers annually.

The facility will accommodate passenger ferries, fast ferries, Roll-on/Roll-off (RoRo) vessels, and marine taxis, and will feature a duty-free zone, retail outlets, a marina, and a seaplane port, further diversifying Zanzibar’s tourism and transport infrastructure.

Project Financing and Implementation

The project is estimated to cost about USD 400 million and will be implemented in two phases over a three-year period, with NBC Bank listed among the major financiers.

Speaking on the sidelines of the ceremony, Mr. Masuke said NBC was proud to support a project aligned with Zanzibar’s long-term development agenda.

“NBC is proud to be the first bank to provide financial support for this project. In February 2024, we extended bridge financing to support the implementation of Phase One A,” said Mr. Masuke.

He added that NBC will also support the terminal’s operations through the deployment of digital revenue collection systems at both Maruhubi and Malindi ports to enhance efficiency, transparency, and accountability.

Mr. Masuke further noted that NBC’s engagement with Zanzibar Ferry Development Company began in early 2024, following the signing of a Memorandum of Understanding (MoU) between the company and the Revolutionary Government of Zanzibar in 2023 to develop modern passenger and cargo terminals.

“NBC Bank assures the people of Zanzibar and all stakeholders that it remains fully committed to supporting government and private sector development initiatives. We will continue to serve as a development partner—not only as a financier, but as a long-term strategic stakeholder in Zanzibar’s journey towards sustainable economic growth and shared prosperity,” he added.

Stakeholders Commend NBC’s Role

Meanwhile, the Managing Director of Zanzibar Ferry Development Company Limited, Mr. Jaffer Machano, commended NBC Bank for its early commitment and strategic partnership, noting that the support has been critical in advancing the project.

“We highly appreciate NBC Bank for its substantial financial support and strategic partnership in the Maruhubi Passenger Ferry Terminal project. NBC’s early commitment and continued support have played a significant role in driving this project forward, and we look forward to a long-term partnership that will make a meaningful contribution to Zanzibar’s economic growth,” said Mr. Machano.

Broader Development Support

In addition to the Maruhubi project, NBC Bank recently acted as Lead Arranger and Manager of a USD 200 million financing facility for the Revolutionary Government of Zanzibar, aimed at funding large-scale social and economic development initiatives.

Currently, NBC operates two branches in Zanzibar and works with more than 200 banking agents across the Isles, continuing to expand access to financial services in support of inclusive and sustainable economic development.

NBC Bank’s Director of Retail Banking, Mr. Elibariki Masuke (centre), poses for a group photo with the Managing Partner of Bankable Tanzania, Mr. Abdulrahman Said (left), and other senior NBC Bank officials, including the Head of Debt and Capital Markets, Mr. Zubeir Masabo (second from left); the Head of Public Relations and Communications, Mr. Godwin Semunyu (second from right); and the Senior Relationship Manager (Public Sector and Institutions), Mr. Gasto Ndanu (right), during the event.