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» 10 New Job Opportunities at TIB Development Bank - Tanzania | Deadline: 30th July, 2018
10 New Job Opportunities at TIB Development Bank - Tanzania | Deadline: 30th July, 2018
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| AJIRALEO |
10 New Job Vacancies at TIB Development Bank - Tanzania | Deadline: 30th July, 2018
TIB
Development Bank, formerly known as Tanzania Investment Bank (TIB), is a
government-owned development bank in Tanzania. The bank is the first
development finance institution established by the Government of
Tanzania. The activities of TIB are supervised by the Bank of Tanzania,
the central bank and national banking regulator. TIB is registered as a
Registered Financial Institution.
The
bank was established by Act of Parliament in 1970. At that time, the
main objective of TIB was to provide “medium and long-term loans to
investors in commercial agriculture, manufacturing, processing,
construction, transport, tourism and mining sectors”.
However,
due to economic hardships, including a war with Idi Amin of neighboring
Uganda and foreign currency exchange fluctuations within the Tanzanian
economy, the bank became unable to service its financial obligations. To
mitigate financial losses, TIB resorted to making short-term loans and
to function like a commercial bank. The period between 1980 until 2003
was particularly hard on the bank.
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