NMB opens door for local contractors

NMB Bank has embarked on working and facilitating local contractors pursuing public projects countrywide that will enhance their capacity to compete with foreign contractors in undertaking small and mega construction projects.
 
Temeke Municipal Council Executive Director Nassibu Mmbaga said after opening of one day seminar in Dar es Salaam yesterday that lack of finance is still hindering local contractors to compete with foreign counterparts.

“NMB initiative to facilitate local contractors is welcomed in empowering them to compete with foreign contractors in handling small and mega projects implemented in Temeke Municipality and elsewhere,” he said. He added, “Most of the small and mega construction projects in municipal council are implemented by foreign contractors due to low capacity of the local contractors in handling them.”

He said with active bank’s participation in facilitating local contractors, more jobs will be created with the projects funds entering into the economy. “I urge local contractors use the opportunity of accessing finance from NMB Bank in order to enhance their capacity to compete with foreign contractors in handling mega projects,” he noted.

He said there are many ongoing construction projects and others in pipeline and thus their close collaboration with the NMB Bank will help them secure and pursue such projects. The NMB Bank Zonal Manager, Mr Badru Idd said the bank has embarked on working with local contractors to support the government in facilitating local contractors’ ability to undertake small and mega construction projects.

“As the bank we are ready to work with local contractors in executing small and mega construction projects provided the municipal council provides guarantee to the project to be implemented,” he said.

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