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Business & Finance In Djibouti


From a Correspondent in Djibouti, 13th December 2011 @ 11:00, Total Comments: 0, Hits: 46

TRADE between Tanzania and Djibouti is set to grow in the next few years with the launch of Exim Bank Tanzania subsidiary in the Horn of Africa country.

Speaking during the official launch of the bank in Djibouti at the weekend, the Central Bank Governor, Djama Mahamoud Haid, said his country’s economic outlook for next year is very promising, predicting growth of 5 per cent with the acceleration of port activity and the financial services sector in particular.

“The opening of Exim Bank Djibouti will help enhance the country’s financial hub. The bank’s decision to invest here has shown a high degree of confidence for the country”, he said at the event which was attended by government ministers and senior government officials.

“It is no doubt that the emergency of Exim Bank in Djibouti will even make our financial sector more efficient,” the governor said.

He added that the Central Bank of Djibouti has created within a new department dedicated to supervise the financial sector in a broad sense.

He invited Tanzanians to seize the opportunity by exporting goods and services to Djibouti such as food, industrial products and vegetables.

On his part, Exim Bank Chairman of Board of Directors Yogesh Manek said the decision to open up a branch in Djibouti had been backed up by political stability and market growth within the country.

“It is our faith in Djibouti as a nation that prompted us to open our second subsidiary here. There is also growing interest of foreign investors for the country who deserve first class banking services from a reputable bank like ours”, he said, adding:

“With the support of government and the central bank, we are sure that we shall be able to play an effective catalytic role in the economic growth of the country,” he said.

Mr Manek said his bank will throughout its operations provide world class banking services with special focus on customer satisfaction and tailor-made products whilst contributing towards widening and increasing accessibility of banking services within the country.

The inaugural ceremony was graced by President Ismail Omar Guelleh and First Lady Kadra Mahamoud Haid who also decided to open an account with the bank during the launch.

Exim Bank Tanzania was established in Tanzania in 1997 and has been posting a sustainable rapid growth. The latest report shows the bank posting a 22 per cent growth in total assets.

Currently, Exim Bank Tanzania has a total of 24 branches, 51 Automated Teller Machines (ATMs) and more that 300 point of sales terminals covering eleven regions across the country.

Exim Bank Tanzania became the first local financial institution in the country to spread its wings outside the borders by

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About labo22

Hi, this is Labaale your average concerned citizen of Horn of Africa, we’re really worried about the stability of this war torn region, we have the worst dictators from around the world, ironically supported by the Western Countries supposedly the advocators of democracy, transparency, good governance and human Right, If regime change is really needed this is the place to start, we have no short of rootless dictators from MELES Zenawi of Ethiopia,ISMAIL Guelleh of Djibouti,RAYAALE Kahin of self-declared Somaliland and ISAIAS Afwerk of Eritrea.

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