Trade between Tanzania and Djibouti set to grow with the launch of EXIM Bank Tanzania subsidiary in Djibouti

BY GEOFFREY NANGAI

TRADE between Tanzania and Djibouti is set to grow within the next few years with the opening of EXIM Bank Tanzania’s subsidiary in Djibouti that will act as an intermediary between the two countries.

Exim Bank Tanzania thus becomes the first local bank to spread its wings outside Tanzania having successfully opened up its first outlet in Comoros in

2OO7.

Speaking during the official launch of the bank in Djibouti at the

weekend, the Djibouti Central Bank Governor Djama Mahamoud Haid during said his country’s Economic Outlook 2012 is very promising predicting growth of 5% with the acceleration of port activity and the financial services sector in particular.

“The arrival of the subsidiary of the EXIM Bank Tanzania in Djibouti will help enhance the vocation of our country’s financial hub. The bank decision to invest here has shown a high degree of confidence for the country.

“It is no doubt that the emergency of Exim Bank in Djibouti will even make our financial sector more efficient,” he said.

He added that the Central Bank of Djibouti has created within a new department dedicated to supervise the financial sector in a broad sense.

The Exim Bank   Chairman of Board of Directors Yogesh Manek said the bank’s decision to open up a branch in Djibouti had been backed up by political stability and market growth within the country.

“It is our faith in Djibouti as a nation that prompted us to open our second subsidiary here. There is also growing interest of foreign investors for the country who deserve first class banking services from a reputable bank like ours.

“With the support of Government and the Central Bank, we are sure that we shall be able to play an effective catalytic role in the economic growth of the country,” he said.

Manek said his bank will throughout its operations provide world class banking services with special focus on customer focus and tailor-made products whilst contributing towards widening and increasing accessibility of banking services within the country.

The inaugural ceremony was graced by the President of the Republic of

Djibouti Ismail Omar Guelleh and first Lady Madame Kadra Mahamoud who also decided to open an account with the bank to signify faith with the bank during a tour to the bank’s facilities.

Exim Bank Tanzania has come a long way since its inception in Tanzania in 1997 and has been posting a sustainable rapid growth in all business parameters with the bank’s recent records indicating a 22 percent growth in total assets.

The bank to date has a total of 24 branches, 51 Automated Teller Machines (ATMs) and more that 300 point of sales terminals covering 11 regions across Tanzania.