The President of Zanzibar and Chairman of the Revolutionary Council, H.E. Dr. Hussein Ali Mwinyi, emphasized that there are significant opportunities for local financial institutions to collaborate with the Revolutionary Government of Zanzibar in the implementation of development projects.
President Dr. Mwinyi made the remarks yesterday during a meeting with a delegation from Absa Bank Tanzania, led by its Managing Director, Mr. Obeid Laiser, who paid a courtesy visit to the State House in Zanzibar.
He noted that the Government is prepared to work closely with local banks that demonstrate commitment to supporting development initiatives, particularly in the execution of strategic economic and social projects across various sectors.
President Dr. Mwinyi commended Absa Bank Tanzania for its readiness to partner with the Government and contribute to Zanzibar’s development. He further explained that the Government has strengthened mechanisms for financing development projects by expanding funding sources beyond the conventional budget framework, a move aimed at accelerating project implementation and enhancing efficiency.
The President assured the Bank’s leadership that the Government will continue to collaborate with financial institutions in facilitating the implementation of major development projects through loans and other financing arrangements.
For his part, Mr. Obeid Laiser expressed gratitude to the Revolutionary Government of Zanzibar for its continued cooperation with the Bank and congratulated President Dr. Mwinyi for his leadership, which has driven significant progress in Zanzibar’s development. He reaffirmed Absa Bank Tanzania’s commitment to partnering with the Government in supporting the implementation of various development projects for the benefit of the people and the economy of Zanzibar.
Mr. Laiser also highlighted Absa’s contribution to Zanzibar’s economy, underscoring the Bank’s growing footprint and impact through the provision of financial services to individuals, businesses, and corporate institutions.
In a statement released after the meeting, Mr. Laiser expressed the Bank’s appreciation to the Government of Zanzibar for creating an enabling environment for business and investment.
“We are honoured to have had the opportunity to meet with His Excellency President Hussein Ali Mwinyi and discuss Zanzibar’s remarkable development journey. As a trusted financial partner, Absa remains committed to supporting the aspirations of the people of Zanzibar through access to finance, investment facilitation, entrepreneurship development, and innovative banking solutions that contribute to sustainable economic growth.
Absa serves more than 11,000 customers in Zanzibar, manages deposits exceeding TZS 136 billion, and has extended more than TZS 64 billion in financing to individuals, small and medium-sized enterprises, and corporates operating across key sectors of the economy, including tourism, hospitality, trade, and commerce,” said Mr. Laiser.
Mr. Laiser further highlighted Absa’s contribution beyond banking through its citizenship initiatives, including support for maternal and child health under the Uzazi ni Maisha programme, implemented in partnership with AMREF Health Africa and the Ministry of Health Zanzibar. Through this initiative, Absa has contributed to improving access to essential medical equipment and strengthening safe delivery services for mothers and newborns across Zanzibar.
Absa Bank Tanzania remains committed to its purpose of Empowering Africa’s tomorrow, together… one story at a time, and to supporting the long-term prosperity and wellbeing of the people of Zanzibar and Tanzania as a whole.
