Barclays Bank Tanzania Limited plans to increase investment

Barclays Bank Tanzania Limited plans to increase investment in the country as part of the bank efforts to speedy the Tanzanian economic growth and reduction of poverty.

Tanzania’s economy has been resilient to shocks and is expected to remain buoyant with a GDP growth forecast of 6.8 percent in 2012 and 7.1 percent in 2013 – well above the regional averages.

According to economic analyst, services, industry and construction continue to be the driving forces. However, frequent power outages continue to hurt potential output.

The Chief Executive, Barclays Africa and Head of Africa Group Strategy, Kenedy Bungane told reporters recently in Dar es Salaam during the Barclays Africa Executives visit in Tanzania that the bank will continue looking for opportunities in Tanzania.

He said Tanzania is very potential in terms of natural resources taken into consideration the recent discoveries of gas and oil, the fast growing of agricultural sector as well as good working environment; put the country in a suitable position to be a better place for investment.

“Our commitment in this economy is to inject more working capital, Bungane said, adding that, we are planning to announce new investment in the next two to three months in the country.”

On his side, the bank’s Chief Executive, Retail and Business Banking for Africa, Craig Bond said that Barclays will be launching a series of new Small and medium enterprises (SMEs) banking into the country in the near future.

SMEs are critical for the economic and social development of emerging markets, Bond said and added that they play a major role in creating jobs and generating income for low income people; they foster economic growth, social stability, and contribute to the development of a dynamic private sector.

As such, he added access to financial services is vital in developing a vibrant SMEs sector in any economy. In many emerging markets, however, access to financial services for SMEs remains severely constrained, due to this, the Barclays bank move will be good news for them.

Commenting about competition from other banks, the bank’s Managing Director for Tanzania, Kihara Maina said that they understand the pressures of running a business in a competitive and changing environment.

“Leveraging off our global footprint and expertise, it is our job to provide innovative products and services, and personal support to help our customers succeed in starting and growing their businesses,” Maina said.

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