NMB Bank and Korea Finance for Construction (K-FINCO) have officially sealed a strategic partnership aimed at accelerating infrastructure development in Tanzania. The Memorandum of Understanding, signed last month in Seoul, South Korea, outlines NMB Bank’s commitment to providing bank guarantees to facilitate the financing and execution of construction projects throughout Tanzania.
The agreement was formalised by NMB Bank’s CEO, Ruth Zaipuna, and K-FINCO’s CEO and Chairperson, Dr. Eunjae Lee, during a signing ceremony attended by Tanzania’s Ambassador to South Korea, H.E. Ambassador Togolani Mavura, along with dignitaries from NMB Bank, K-FINCO, and the Tanzanian embassy.
This collaboration represents a significant milestone in advancing Tanzania’s infrastructure, creating job opportunities, and driving socio-economic growth. It also serves to strengthen the bilateral relationship between Tanzania and South Korea, enhancing cooperation and fostering deeper ties between the two nations.
The partnership follows a successful diplomatic mission by Tanzanian President H.E. Dr. Samia Suluhu Hassan in South Korea in June 2024. Leveraging its extensive local knowledge, strong heritage, and financial expertise, NMB Bank is poised to ensure the successful implementation of this pivotal agreement.
For more information visit on NMB visit www.nmbbank.co.tz
