NBC Tanzania has achieved another milestone by listing its first-ever NBC Twiga Bond on the Dar es Salaam Stock Exchange (DSE).
Twiga Bond, a Medium Term Note of 30bn/- was opened in the primary market on 31 October 2022, with the first tranche of 30bn/-being oversubscribed by 30 per cent to the tune of 38.9bn/-, against a target of 30bn/- representing a subscription record of 130 per cent.
NBC Twiga Bond’s offer, which opened on 7 November 2022 and closed on 6 December 2022, is the first by the bank and the net proceeds will lend to retail, small and medium-sized businesses, agricultural value chain businesses whose products and services directly impact women and youth, and local and multinational corporations.
Gracing the event at the DSE offices in Dar es Salaam yesterday, the Commissioner responsible for Sovereign Debt Management at the Ministry of Finance and Planning, Japhet Justine, who represented the Permanent Secretary Ministry for Finance and Planning, applauded NBC Tanzania for the move as it will open up the stock market and empower the business community.
‘The government applauds the innovation of bringing Twiga Bond to the market to raise funds to support the SME and the agricultural value chain. Apart from supporting the financial inclusion drive, we are happy to learn that the trickle-down effects will reach further down the supply chain by financing the SMEs, MSMEs, and the agriculture value chain at large. Let me assure you of maximum government support,” he said.