Tanzania's Ministry of Finance published an update on the Finance Minister’s meeting with TIB Development Bank’s board and management, directing the bank to strengthen its operating systems so it can better meet its mandate and support implementation of the National Development Vision 2050. The minister instructed TIB to refocus on its founding objectives, work with other financial institutions to facilitate development projects, and strengthen debt recovery by improving the tracking of customer repayments. Within the next 12 months, the bank is required to produce a strategy to address its financial issues as a first priority, while the board is expected to introduce quarterly financial reviews based on its own criteria. The discussions also covered internal governance reforms, measures to reduce non-performing loans, stronger credit appraisal processes, and enhanced monitoring of bank-financed projects. TIB’s leadership outlined priority areas for the next 25 years, including job creation through agricultural value-addition projects, water projects, and financial sector reforms, with expected investment of more than TZS 5 trillion across these sectors.

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