BARCLAYS BANK TANZANIA LAUNCHES A SERVICE GUARANTEE INITIATIVE FOR ITS CUSTOMERS

Barclays Bank Tanzania (BBT) Head of Products, Segments and Retail Strategy and Acting Retail Director, Musa Kitoi (L) and BBT's Strategy Project Manager, Jane Mbwilo displaying placards while launching the BBT Service Guarantee Initiative service in Dar es Salaam today.

August 4, 2014, Dar es Salaam – Barclays Bank Tanzania has launched an initiative geared to improve customer experience at the bank, Service Guarantee.

Speaking at the launch which took place today at the bank’s Head Office, Barclays Head of Products, Segments and Retail Strategy and Acting Retail Director, Musa Kitoi said that with the service guarantee initiative, the bank commits to provide the customer delivery of service at a defined standard and defined time.

“Barclays strives to deliver on expectation every time a customer walks into our bank and with our service guarantee initiative we make a promise to our customers to deliver a more efficient and effective service. To begin with, we guarantee that a customer can apply and receive his ATM card within 20 minutes and we also guarantee cheque book delivery within 5 days; these turnaround times are the fastest you can get in the market. Furthermore, we also commit to compensate customers within 24 hours of discovering that there has been a service breach,” explained Kitoi.

BARCLAYS TANZANIA YAZINDUA DHAMANA KWA HUDUMA ZA WATEJA

August 4, 2014, Dar es Salaam – Benki ya Barclays Tanzania imezindua mpango wa kuboresha huduma zinazotolewa na benki hiyo kwa kuweka dhamana katika huduma zake.

Akizungumza wakati wa uzinduzi huo Mkuu wa Kitengo cha Mipango na Bidhaa na Kaimu Mkurugenzi wa wateja binafsi, Musa Kitoi alisema kuwa katika mpango huo wa dhamana katika huduma, benki inaahidi kutoa huduma zake kwa muda na kipimo kinachokubalika.

“Siku zote tunahakikisha mteja anapoingia katika benki yetu anapata huduma bora kama anavyotegemea na kwa kupitia dhamana hii ya huduma tunatoa ahadi kuwa huduma zetu zitakuwa bora maradufu. Kwa kuanzia, mteja yeyote atakayeomba kadi ya ATM, atapatiwa katika muda usiozidi dakika ishirini na vile vile kwa wanaohitaji vitabu vya hundi watapatiwa ndani ya siku tano, viwango hivi ni vya juu sana katika soko letu. Lakini pia, pale  tutakapogundua kuwa mteja hakupata huduma kama tulivyomuahidi tutahakikisha tunamlipa fidia ndani ya masaa 24,” alielezea Bw Kitoi.

PRESIDENT JAKAYA KIKWETE: DAR READY TO DO MORE BUSINESS WITH AMERICA

President Jakaya Kikwete

Washington — TANZANIA has re-affirmed its readiness and strong commitment to do business with the United States and revealed its capacity to absolve 10 times or more of the current volume of investments and trade from America.

President Jakaya Kikwete said although there were already several investors and businesses from the US operating in Tanzania, he believed the country could do better than the current 4.5 billion US dollars investment and 328.8 million US dollars worth volume of trade.

In his message to the US-Africa Leaders Summit that begins here today, the president said vast opportunities existed in oil and gas, mining, agribusiness, infrastructure development, manufacturing, tourism and other services.

He said Tanzania had a big potential in natural gas with proven deposit of 50.5 tfc and a potential of up to 200 while downstream petrochemical related activities (using gas) were expected to commence soon.

NATIONAL BANK OF COMMERCE, STAR OILS SIGN SH100 BILLION LOAN FACILITY DEAL

NBC Managing Director, Mizinga Melu (left), and MeTL CEO, Mohamed Dewji displaying the Sh100 billion facility agreements, shortly after the signing ceremony in Dar es Salaam last week.

THE National Bank of Commerce (NBC) and Star Oils Tanzania Limited have concluded about 100bn/- loan facility that involved three banks.

The banks involved in the deal are NBC, South Africa's Absa and Barclays Bank Mauritius.

"The conclusion of the deal showcases NBC and Barclays Africa Group Limited's joint capabilities in supporting its clients," NBC said in a press release issued after the signing ceremony in Dar es Salaam over the weekend.

Star Oils Tanzania is one of Mohammed Enterprises Limited (MeTL) Group's newest business ventures located at Kurasini area near the Dar es Salaam Port.

The firm is currently implementing the second phase of an extensive project to store petroleum products and later to create nationwide distribution of petroleum products through a chain of nearly 200 petrol stations.

The total storage capacity of this facility upon project completion shall be 68 million litres, created solely for the storage of gasoline (petrol), gas oil (diesel) and kerosene.

The bulk of these white petroleum products are currently marketed on a wholesale basis with future plans to market them through MeTL Group's retail petrol stations.

PRESIDENT JAKAYA KIKWETE MEETS MILLENNIUM CHALLENGE CORPORATION (MCC) NEW CHIEF EXECUTIVE OFFICER, DANA J. HYDE IN USA

President Jakaya Mrisho Kikwete shakes hands with MCC’s new Chief Executive Officer, Dana J. Hyde and her delegation at the Ritz Carlton Hotel in George Town Washington DC. Second left is Energy and Minerals Minister Prof. Sospeter Muhongo and right is Tanzania's envoy to the US Ambassador Liberata Mulamula.

President Jakaya Mrisho Kikwete in talks with MCC’s new Chief Executive Officer, Dana J. Hyde and her delegation at the Ritz Carlton Hotel in George Town Washington DC.

President Jakaya Mrisho Kikwete in talks with MCC’s new Chief Executive Officer, Dana J. Hyde and her delegation at the Ritz Carlton Hotel in George Town Washington DC.

President Jakaya Mrisho Kikwete in talks with MCC’s new Chief Executive Officer, Dana J. Hyde and her delegation at the Ritz Carlton Hotel in George Town Washington DC.

Source: Michuzi Blog

PRESIDENT KIKWETE VISITS THE NATIONAL INSTITUTES OF HEALTH IN USA

President Jakaya Mrisho Kikwete with Research Fellow and Senior Lecturer at the Muhimbili University of Health Sciences, Dr. Julie Makani (left) and Prof. Mwaikambo during his familiarisation tour of the National Institutes of Health (NIH) in Washington DC July 2, 2014.

President Jakaya Mrisho Kikwete enjoys a light moment with President Dennis Sassou Nguesso of the Republic of Congo, during their familiarisation tour of the National Institutes of Health (NIH) in Washington DC July 2, 2014.

President Jakaya Mrisho Kikwete speaks with members of the National Institutes of Health (NIH) in Washington DC during a familiarisation tour of the NIH, reputedly the largest hospital and research facility in the world July 2, 2014.

President Jakaya Mrisho Kikwete and President Dennis Sassou Nguesso of the Republic of Congo, in a group photo with members of the National Institutes of Health (NIH) in Washington DC July 2, 2014.

Source: Michuzi Blog

For more related photos, click here.

MAKAMU WA RAIS DKT. BILAL AKUTANA NA MTUKUFU AGA KHAN IKULU DAR ES SALAAM

Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania, Dkt. Mohammed Gharib Bilal, akimkaribisha Mwanzilishi na Mwenyekiti  wa Taasisi ya Maendeleo ya Aga Khan Duniani, His Higness Prince Karim Aga Khan, wakati alipowasili Ofisini kwake Ikulu jijini Dar es Salaam, jana Agosti 3, 2014 kwa mazungumzo. Mtukufu Aga Khan yupo nchini kwa ziara binafsi ya siku nne, ambapo pia atatumia fursa hiyo kutembelea na kukagua miradi ya maendeleo ya Taasisi hiyo, ikiwa ni pamoja na kukagua mradi wa ujenzi wa Chuo Kikuu cha Aga Khan ‘New Compass of Aga Khan University’ kinachojengwa jijini Arusha.

Makamu wa Rais wa Jamhuri ya Muungano wa Tanzania, Dkt. Mohammed Gharib Bilal, akizungumza na Mwanzilishi na Mwenyekiti  wa Taasisi ya Maendeleo ya Aga Khan Duniani, His Higness Prince Karim Aga Khan, wakati alipowasili Ofisini kwake Ikulu jijini Dar es Salaam jana Agosti 3, 2014 kwa mazungumzo. Kulia ni Mbunge Tabora Kaskazini, Shafin Sumari. Mtukufu Aga Khan yupo nchini kwa ziara binafsi ya siku nne, ambapo pia atatumia fursa hiyo kutembelea na kukagua miradi ya maendeleo ya Taasisi hiyo, ikiwa ni pamoja na kukagua mradi wa ujenzi wa Chuo Kikuu cha Aga Khan ‘New Compass of Aga Khan University’ kinachojengwa jijini Arusha.

Source: Michuzi Blog

BENKI YA NBC YATOA MKOPO WA SHS BILIONI 100 KWA MOHAMMED ENTERPRISES

Mkurugenzi Mtendaji wa Benki ya NBC, Mizinga Melu (wa tatu kushoto) akisaini hati za makubaliano ya mkopo wa shs bilioni 100 na Ofisa Mtendaji Mkuu wa Makampuni ya Mohamed Enterprises Ltd (METL), Mohamed Dewji kwa ajili ya kampuni dada ya METL ya Star Oils inayoshughulika na biashara ya uagizaji na usambazaji mafuta. Hafla hiyo ilifanyika jijini Dar es Salaam mwishoni mwa wiki. Wanaoshuhudia ni baadhi ya watendaji wakuu wa NBC, METL na Star Oils. 

Mkurugenzi Mtendaji wa Benki ya NBC, Mizinga Melu (kushoto) na Ofisa Mtendaji Mkuu wa METL, Mohamed Dewji wakionyesha mikataba muda mfupi baada ya kusaini  hati za makubaliano ya mkopo wa shs bilioni 100  kwa ajili ya kampuni dada ya METL ya Star Oils inayoshughulika na biashara ya uagizaji na usambazaji mafuta. Hafla hiyo ilifanyika jijini Dar es Salaam mwishoni mwa wiki. 

Ofisa Mtendaji Mkuu wa METL, Mohamed Dewji (kulia) akibadilishana mawazo na baadhi ya maofisa wa benki ya NBC katika hafla hiyo.

Mkurugenzi Mtendaji wa Benki ya NBC, Bi Mizinga Melu akizungumza wakati wa hafla ya utiaji saini makubaliano ya kuipatia kampuni ya Star Oils mkopo wa takribani sh bilioni 100 ili kuongeza ufanisi katika kampuni hiyo ya uagizaji na usambazaji wa mafuta nchini.

Mkurugenzi Mtendaji wa Benki ya NBC, Mizinga Melu (wa nne kushoto), Ofisa Mtendaji Mkuu wa METL, Mohamed Dewji (wa nne kulia), watendaji wakuu wa NBC, METL na Star Oils wakipozi kwa picha ya kumbukumbu mara baada ya utiaji saini makubaliano hayo.

TANESCO TO GO PUBLIC, BE SPLIT INTO THREE FIRMS AFTER $1.15 BILLION REFORMS

IN SUMMARY

• BLUEPRINT: The government hopes to increase installed generation capacity from the current 1,583MW to over 9,000MW, by expanding sources of electricity.
• Nearly 4,000MW will be generated from natural gas and 200MW from geothermal.
• A state-owned generation company will be established through unbundling from the transmission and distribution segment by December 2017.
• The state generation company will be listed on the Dar es Salaam Stock Exchange, with the government retaining at least 51 per cent shareholding.

The government plans to invest $1.15 billion in the next 11 years to implement its turnaround strategy for the Tanzania Electricity Supply Company, which includes selling part of the utility to the public. At least $412 million of the amount will be used to pay Tanesco’s debts in the immediate term, while $635 million will be used to pay capacity charges for existing independent power producers (IPPs).

The strategy — one of the biggest energy reforms in recent years — will involve the private sector in raising the funds. Its full implementation will see at least 75 per cent of Tanzanians connected to electricity.

According to the blueprint, the government hopes to increase installed generation capacity from the current 1,583MW to over 9,000MW, by expanding sources of electricity. Nearly 4,000MW will be generated from natural gas and 200MW from geothermal.

EA LEADERS TO PRESENT LAPSSET AS SINGLE PACKAGE TO AMERICAN INVESTORS

President Uhuru Kenyatta flanked by EAC Heads of State and Government and Deputy President William Ruto gives his statement after attending a consultative meeting on the LAPSSET project at State house, Nairobi.

Kenya, Ethiopia, South Sudan and Uganda will present the Lamu Port South Sudan Ethiopia Transport (Lapsset) corridor as a single package to investors during this week’s US-Africa Leaders Summit in Washington DC, USA.

Lapsset Corridor Development Authority chairman Francis Muthaura told The EastAfrican that, at a meeting at State House Nairobi on Thursday, Presidents Uhuru Kenyatta of Kenya, Salva Kiir of South Sudan and Yoweri Museveni of Uganda and Ethiopian Prime Minister Hailemariam Desalegn agreed to take a common position on Lapsset and package it for submission to American investors.

“Lapsset is a flagship project seeking to spur economic growth in the region and the leaders have agreed to package it as a regional initiative,” said Mr Muthaura.

TANZANIA NOW ALLOWS FREE FLOW OF CAPITAL FOR EAST AFRICAN COMMUNITY

Tanzanian has opened its capital account to East African nationals ahead of full liberalisation.

IN SUMMARY

• Under the Common Market Protocol, countries are supposed to open up their economies to allow the free movement of people and capital.
• Allowing the Tanzania shilling greater flexibility has been previously cited by the IMF as one of the things that could help increase the country’s competitiveness.
• The move is also expected to expand the array of investment options available to East Africans.

Tanzania will now allow East Africans to freely move capital in and out of the country — a move that is expected to increase cross-border investment and deepen economic integration.

The IMF in its latest disclosure on the Tanzanian economy said that the country had informed it that it had opened its capital account to East African nationals ahead of full liberalisation, which will allow the rest of the world to bring capital in and out of Tanzania with no restrictions.

The changes are part of a wider plan to loosen state control of the economy, which will also see the country allow its currency greater exchange rate flexibility and adopt new monetary tools.

READ: Tanzania leads region in ratifying Monetary Union

“As a first step, the authorities have allowed for freer flows of capital among EAC residents since June, which they see facilitating trade, financial and investment flows within the region.

AZANIA BANK LIMITED INTRODUCES DIASPORA BANKING TO THE DIASPORA IN THE UNITED STATES OF AMERICA

Azania Bank Limited's Managing Director Charles Singili introduces to members of the Tanzanian community in the United States of America the bank's new internet banking product known as Diaspora Banking, to enable nationals living abroad manage their finances back home. 

The event, which was graced by President Jakaya Kikwete and a number of cabinet ministers, was held at the Marriot Hotel in Washington DC July 2, 2014.
The new solution will help attract more customers and will offer Tanzanians abroad convenience in remitting money directly to their accounts at home, according to the bank.

Mr Singili says that the product is a convenient and reliable way for Tanzanians abroad to send money back home and directly manage their bank accounts. It offers stress-free banking services, with clients transacting at their own time.

Source: Michuzi TV

FBME BANK SALE HALTED PENDING LEGAL DECISION

Procedures to sell FBME Bank have been halted pending a court decision on a motion for the suspension of a Central Bank (CBC) order placing the lender under resolution, it emerged on Friday.

A CBC statement said it had voluntarily accepted, as the resolution authority, not to sign any agreement or issue a new decree concerning the sale of the lender’s branch in Cyprus until the court ruled on an FBME application for an interim order suspending the July 21 order that placed it under resolution with the purpose of selling its operations to protect depositors.

The CBC stressed that FBME continued to be under its administration, which meant it was still within its rights to negotiate with potential buyers.

The decision is expected in the next week or so.

The Central Bank took control of FBME’s operations in Cyprus, following a report from the Financial Crimes Enforcement Network (FinCEN) of the US Treasury describing the bank as a “primary money laundering concern.”

EX-AFRICAN LEADERS TRUMP FAIR RESOURCE DISTRIBUTION

Retired Presidents Thabo Mbeki of South Africa and Festus Mogae of Botswana arriving at the meeting room at Serena Hotel, Dar es Salaam.

Retired President Thabo Mbeki of South Africa addresses participants at the Leadership Forum.

Former South African President Thabo Mbeki speaks during the African Leadership Forum 2014 in Dar es Salaam. With him are other ex-presidents: Tanzania’s Benjamin Mkapa (second right),  Botswana’s Festus Mogae  (left) and Nigeria’s Olusegun Obasanjo.

Invited guests listening attentively at the Leadership Forum.

Hon. Zitto Kabwe (centre) and other participants at the Leadership Forum.

Retired Tanzanian Prime Minister, Hon. Fredrick Sumaye (right) and Amb. Ali Karume (left) were also among the participants at the Leadership Forum.

CONTINENTAL leaders at the Africa Leadership Forum meeting have said that equal distribution of resources is vital in keeping communities united and focused on development.

At the meeting of the inaugural edition of the forum organised by Uongozi Institute in Dar es Salaam, retired heads of state from across Africa, diplomats and scholars were united in calling for equal distribution of resources to strike a better development balance.

They also noted that giving room to every group in nations and supervising long-term cross border development programmes would be the pivot to significantly push the continent to - to "everyone's aspiration" -- the first world.

Former South African President Thabo Mbeki pointed out that African countries ought to incorporate approved and essential strategies by the African Union (AU) in their domestic policies for the continent to attain sustainable development.

CHILDREN'S WARD RECEIVES SUPPORT FROM CRDB BANK IN TARIME

TARIME DC Mr John Henjewele (second right) receives mattresses and bed sheets donated by CRBD Bank on Monday. Right is Chairman of Tarime Town Council Mr Daudi Wangwe and centre is Town Council Social Services Chairperson Ms Salima Abubakar. Looking on is CRDB Tarime Branch Manager Mr Joseph Manyanya (second left) and the branch's Business Banking Manager Mr Mathias Kingali (left).

THE CRDB Bank has made a change in Tarime District for all to see. The leaders, medical personnel and locals have received wholeheartedly and thanked the bank for donating 20 mattresses and 75 bed sheets to Tarime District Hospital.

On Monday this week, a dozen residents joined the district's leadership led by the District Commissioner (DC) Mr John Henjewele to receive the mattresses and bed sheets.

The bank's support was meant for the children's ward at the district largest hospital.

The Tarime DC thanked CRDB Bank for the support expressing sincere hope that it would help improve service for children being admitted to the district hospital.

"This is a huge assistance to our hospital and I would like to thank CRDB Bank for the timely donation", DC Henjewele said as part of his brief remarks during the handing over ceremony.

BANKING HAS A SWEET SPOT, SAYS BARCLAYS

Bigger isn’t always beautiful just as smaller isn’t always sweet. Sometimes striking a happy medium can be the way to go, at least for banks.

That’s what new research analysts at Barclays BARC.LN -0.64% Capital suggests. They say the sweet spot for U.S. banks could be between $20 billion and $50 billion in assets, which is much smaller than the J.P. Morgan Chase & Co.’s of the world, but far larger than most small community banks.

Barclays says banks in the middle had the lowest ratio of expenses to average assets, at 2.4%

Part of the reason banks of this size can keep costs down is that they aren’t subject to the added regulations that systemically important banks are. Banking regulators say bank holding companies above $50 billion in assets have to comply with the extra layer of rules and regulations, which includes yearly approval of the banks’ capital plans.

GETTING THERE: RAISING THE BAR FOR WOMEN IN BANKING

Byrne rang the opening bell at the New York Stock Exchange for the first time in July 2014.

Barbara Byrne, one of the most accomplished and powerful women in the banking industry, has seen a lot in her more than 30 years on Wall Street.

But earlier this month, the vice chair of investment banking at Barclays had a rare first experience: She rang the opening bell at the New York Stock Exchange.

The 59-year-old banking veteran was there to launch the new Barclays Women in Leadership Index, which at its inception consisted of 85 companies that have either women CEOs or boards that are at least 25 percent female. The idea, Byrne said, is to create a kind of “social pressure” for companies to strive to be more inclusive of women in the workplace and empower female employees to rise through the ranks.

Companies will hopefully start saying, “I’d like to be in that index too. What does it take to be in that index?” Byrne said in a recent interview. “Peter Drucker once said, ‘What gets measured gets done,’ and it’s been my experience that when you set goals and you quantify them, that people tend to perform toward them.”

NATIONAL BANK OF COMMERCE (NBC) AND MOHAMMED ENTERPRISES TANZANIA LIMITED (MeTL) SIGN A MULTI-BILLION SHILLING LOAN FACILITY

Dar es Salaam, August 1^st  2014 NBC and Star Oils Tanzania Limited concluded a multi-billion Shilling financial deal,  made possible, with the joining of hands of three Banks. The  banks that made this  deal a reality are NBC, Absa, and Barclays Bank Mauritius. The conclusion of the deal showcases NBC and Barclays Africa Group Limited’s joint capabilities in supporting its clients.

Star Oils Tanzania is one of MeTL Group’s newest business ventures located near Dar es Salaam’s port at Kurasini. Star Oils Tanzania is currently implementing the second phase of an extensive project to store petroleum products and later to create nationwide distribution of petroleum products through a chain of nearly 200 petrol stations.

The total storage capacity of this facility upon project completion shall be 68 million litres, created solely for the storage of gasoline, gas oil and kerosene. The bulk of these products are currently marketed on a wholesale basis with future plans to market them through MeTL Group’s retail petrol stations.

STANDARD CHARTERED PLEDGES $3 BILLION MORE FOR AFRICA POWER PROJECTS

Standard Chartered Bank has more than doubled its commitment to a multibillion-dollar project initiated by US President Barack Obama to increase electricity access in Africa.

The bank increased its pledge from $2 billion to $5 billion, after reaching its initial commitment in 12 months.

“The $5 billion forms part of the contribution made by private sector partners under President Obama’s Power Africa initiative,” said Ravi Suri, a regional Head of Corporate Finance.

The Power Africa Initiative, worth more than $6.9 billion was launched last year during President Obama’s visit to Africa. Its main mandate is to double access to power by focusing on renewable energy.

According to the United States Agency for International Development (USAid), the US government has committed over $7 billion in financial support and loan guarantees in the first five-year phase, through 2018. This is in addition to the expertise of 12 US government agencies.

BANK OF BARODA OPENS NEW BRANCH IN MWANZA

Bank of Baroda Tanzania Limited has opened a new branch at Kenyatta road in Mwanza.

Inaugurating its fourth branch located at Kenyatta road in Mwanza, the District Commissioner for Nyamagana district, Baraka Konisaga, said that the bank services are significant for socio-economic development.

Mr. Konisaga noted that the bank industry empowers all the economic activities in terms of investment, business payments and private transactions, deposit, and business credits to citizens.

"The Government recognizes and gives priorities in enhancing and developing this sector so as to reduce poverty in the country. The Government has set good investment environment and strengthen security," Mr. Konisaga said.

METL GROUP TO INJECT AN INITIAL $10 MILLION INTO A ZAMBIAN TEXTILE FIRM

MeTL Group chairman Gulam Dewji

Tanzania based company, MeTL Group, is set to inject an initial $ 10 million into the Zambia-China Mulungushi Textiles Joint Venture (ZCMT-JV) and create about 2,000 jobs.

This came to light on Wednesday during the signing of the leasing agreement by ZCMT-JV board vice-chairperson Rosemary Salukatula and MeTL Group chairman Gulam Dewji in Kabwe.

Ms. Salukatula, who represented both the Zambian government and Qingdao Textiles Holding Group Company Limited, said the agreement involves leasing of the ZCMT-JV plant and equipment for 12 years.

“We are able to sign this lease agreement because the company is in a condition that it can be taken over by another investor,” Ms. Salukatula said.

STATE OWNED NATIONAL INSURANCE CORPORATION STRUGGLING FOR SURVIVAL

THE National Insurance Corporation (NIC) Limited is still struggling for survival since the country's financial sector was liberalised and entry of private insurers in the industry.

The Insurance Board said in a recent report that the going for NIC, which monopolised the country's insurance market between 1967 and 1998, was now "rough and tough despite a lot of the government's deliberate efforts to resuscitate the institution."

The Board Chairman, Mr Peter Ilomo, said since the liberalisation of the industry NIC's share had consistently dwindled reaching 4.2 per cent of the general insurance market and 27.1 per cent for life assurance business at the end of 2013.

BANK M, ROTARIANS GIVE MUHIMBILI NATIONAL HOSPITAL BIG BOOST

Retired President Ali Hassan Mwinyi (R) receives information from the Rotary Dar Marathon Board Chair Sharmila Bhatt (L)about the new Xray machine donated to the Rotary Pediatric Oncology ward.

ROTARIANS in Dar es Salaam and Bank M have given the Muhimbili National Hospital (MNH) a mobile X-ray unit worth US$35,000 (about 58m/-), it was announced in the city.

Rotary said in a statement that the unit was presented to former president, Mr Ali Hassan Mwinyi, at MNH Rotary Paediatric Oncology Ward. The former president, who is the Patron of Rotary Dar Marathon Project, had visited MNH last weekend.

The Rotarians and Bank M built the ward, which was handed over on August 1, last year, at MNH at the cost 1.3bn/-.

The ward has 26 beds and isolation rooms for children with infectious diseases, as well as piped oxygen and other essential medical equipment and supplies.

BANK OF TANZANIA: CONCERN AS BAD LOANS SOAR

Dar es Salaam. Despite the fact that assets of the banking sector increased, their contribution to the economy slightly diminished in the year ending March 2014 as non-performing loans (NPL) increased.

Total assets increased by 12 per cent to Sh20.141 trillion during the year but as percentage of the Gross Domestic Product (GDP), the asset quality deteriorated from 40.2 to 37.9 per cent due to increased NPLs in the personal, trade, manufacturing and agricultural credit categories, according to Financial Stability Report released by the Bank of Tanzania.

The ratio of NPLs to gross loans increased to 8.3 per cent in March 2014 from 7.9 per cent recorded in the previous year, the report shows.

An expert in the banking industry says undisciplined borrowers who spend money in unproductive things coupled with poor growth in some sectors are giving banks hard time by failing to repay their loans timely.