NMB Bank has invested approximately US$100 million, equivalent to Sh224 billion, in a syndicated loan worth $500 million for the Geita Gold Mine, a move that makes it the largest Tanzanian bank to participate in the financing and strengthen its contribution to the development of the country’s mining sector.
The syndicated loan has been arranged by Nedbank Corporate and Investment Banking for AngloGold Ashanti through the Geita Gold Mine.
NMB Bank’s participation demonstrates the growing capacity of local financial institutions to mobilize capital for large-scale strategic investments that stimulate economic growth and national development.
The financing is in line with NMB Bank’s Agenda 2030, which has identified the mining sector as one of the key drivers of economic growth. Through this investment, the bank contributes to strengthening foreign exchange earnings, domestic value chains, employment, procurement of goods and services from local suppliers as well as Tanzania’s competitiveness in production and exports.
The move also supports the National Development Vision 2050, which aims to build a competitive, inclusive economy, led by the private sector and based on industrial, trade and export growth.
The Geita Gold Mine is among the largest mining projects in the country and the largest gold producer in Africa. The financing will enable continued investment in the mine and help maintain production, exports, employment, domestic procurement and long-term value for the Tanzanian economy.
Commenting on the move, Ms. Ruth Zaipuna, Managing Director and Chief Executive Officer of NMB Bank, said the transaction reflects the bank’s strategy to direct capital into sectors with the greatest potential to transform the Tanzanian economy.
“This transaction demonstrates NMB Bank’s ability to engage in large-scale and structured financing alongside leading regional and international financial institutions, while ensuring Tanzanian capital becomes an important part of the nation’s strategic investment”, She said.
