PRESIDENT MWINYI INVITES GREATER COLLABORATION BETWEEN BANKS AND GOVERNMENT ON DEVELOPMENT PROJECTS

Absa Bank Tanzania Managing Director, Mr. Obedi Laiser (left), presents a token of appreciation to H.E. Dr. Hussein Ali Mwinyi, President of Zanzibar and Chairman of the Revolutionary Council, in recognition of the strong partnership between the Government of Zanzibar and the financial sector, as well as their shared commitment to Zanzibar’s sustainable development. The presentation took place during a courtesy visit by an Absa delegation to the State House in Zanzibar.

Zanzibar, June 24, 2026: The President of Zanzibar and Chairman of the Revolutionary Council, H.E. Dr. Hussein Ali Mwinyi, has underscored the significant opportunities available for local financial institutions to partner with the Revolutionary Government of Zanzibar in financing and implementing key development projects.

The President made the remarks during a meeting held at the State House in Zanzibar with a delegation from Absa Bank Tanzania, led by its Managing Director, Mr. Obeid Laiser, who paid a courtesy visit to discuss areas of mutual cooperation and development.

During the meeting, President Mwinyi emphasized the Government’s readiness to work closely with local banks that demonstrate a strong commitment to supporting national development initiatives, particularly strategic economic and social projects aimed at improving the livelihoods of Zanzibar’s people.

He commended Absa Bank Tanzania for its willingness to collaborate with the Government and contribute to Zanzibar’s development agenda. The President further noted that the Government has strengthened mechanisms for financing development projects by diversifying funding sources beyond the traditional budget framework, a strategy designed to accelerate project implementation and improve efficiency.

“The Government remains committed to working with financial institutions to facilitate the implementation of major development projects through loans and other financing arrangements,” President Mwinyi said.

Absa Reaffirms Commitment to Zanzibar's Growth

Speaking during the meeting, Absa Bank Tanzania Managing Director Mr. Obeid Laiser expressed appreciation to the Revolutionary Government of Zanzibar for its continued partnership with the Bank. He also congratulated President Mwinyi on his leadership, which has contributed to notable progress in Zanzibar’s economic and social development.

Mr. Laiser reaffirmed Absa Bank Tanzania’s commitment to supporting the Government in delivering development projects that create long-term value for both the people and the economy of Zanzibar.

In a statement released following the meeting, Mr. Laiser highlighted Absa’s role as a trusted financial partner in Zanzibar’s development journey.

“We are honoured to have had the opportunity to meet with His Excellency President Hussein Ali Mwinyi and discuss Zanzibar’s remarkable development journey. As a trusted financial partner, Absa remains committed to supporting the aspirations of the people of Zanzibar through access to finance, investment facilitation, entrepreneurship development, and innovative banking solutions that contribute to sustainable economic growth,” he said.

Absa’s Growing Footprint in Zanzibar

Mr. Laiser noted that Absa Bank Tanzania currently serves more than 11,000 customers in Zanzibar, manages deposits exceeding TZS 136 billion, and has extended more than TZS 64 billion in financing to individuals, small and medium-sized enterprises (SMEs), and corporate clients operating across key sectors of the economy.

These sectors include tourism, hospitality, trade, and commerce, which continue to play a critical role in Zanzibar’s economic growth and job creation.

The Bank’s growing presence reflects its commitment to expanding financial inclusion and supporting business growth across the islands.

Supporting Communities Beyond Banking

Beyond its banking services, Absa continues to contribute to social development through various citizenship initiatives. Mr. Laiser highlighted the Bank’s support for maternal and child health through the Uzazi ni Maisha programme, implemented in partnership with AMREF Health Africa and the Ministry of Health Zanzibar.

The initiative has helped improve access to essential medical equipment and strengthen safe delivery services for mothers and newborns across Zanzibar, contributing to better healthcare outcomes for communities.

Driving Sustainable Development

The meeting between President Mwinyi and Absa Bank Tanzania reflects the growing importance of collaboration between the public and private sectors in advancing Zanzibar’s development agenda.

As Zanzibar continues to pursue ambitious economic and infrastructure projects, partnerships with financial institutions are expected to play a crucial role in mobilizing capital, supporting investment, and accelerating sustainable growth.

Absa Bank Tanzania reaffirmed its commitment to its purpose of “Empowering Africa’s tomorrow, together… one story at a time”, while continuing to support the long-term prosperity and wellbeing of the people of Zanzibar and Tanzania as a whole.