Foreign Affairs Deputy Minister Ambassador
Other recent French investments in the country include the sale of a majority stake in Redan Petroleum to Trafigura. Trafigura is also planning another massive investment in the energy sector. At the same time a French bank, SociÉtÉ GÉnÉrale, recently extended a
After three years of negotiations, the
"This will open more doors for us and assist us on our journey into a tier one bank. Currently we have short-term and expensive money and this will allow us to fund business long-term. At the core of our business is development and sustainability so when we lend money we want to do it," Mr Mushore said in his speech.
Last week, Mr Mushore said the bank has and continues to access additional lines of credit especially from international development financial institutions on the back of the strong balance sheet and shareholder profile.
"We currently have approved lines of credit amounting to
He said NMB had a strong brand which helped it to attract renowned shareholders such as AfricInvest and DFIs FMO and
"This loan is a sign of trust in the country and in the bank itself. We are yet to overcome some reluctance internally but we have been convinced. Something we also expect is that this money, coming from a development bank will have a catalyst effect over investors particularly on French ones," he said.
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