DAR ES SALAAM, July 25 (Xinhua) -- Tanzania on Friday listed its first Tanzanian shilling-denominated offshore bond on the London Stock Exchange, according to a statement issued on Saturday by the country's Ministry of Finance.
The 100-million-U.S.-dollar bond (about 262.5 billion Tanzanian shillings) was issued by the International Finance Corporation and channeled to NMB Bank Plc, a Tanzanian commercial bank, to expand financing for small and medium-sized enterprises (SMEs), the statement said.
Of the total, 20 percent, or about 20 million dollars (52.5 billion Tanzanian shillings), has been earmarked for women-owned businesses, the statement said.
The listing signals growing international confidence in Tanzania's economy and supports efforts to diversify funding sources for the country's National Development Vision 2050 agenda, said Tanzanian Finance Minister Khamis Mussa Omar, adding that the move enhances the country's credit profile and access to more affordable financing.
NMB Chief Executive Officer Ruth Zaipuna said the funds would boost long-term lending to SMEs, thereby accelerating private sector growth, job creation and productivity.
Jorge Familiar, vice president and treasurer of the World Bank Group, said that the investment is expected to create between 13,000 and 20,000 jobs while expanding opportunities for international investors to engage with Tanzanian enterprises. ■