NMB Bank has today signed a Memorandum of Understanding (MoU) to collaborate with the South Korean Corporation that is involved in sponsoring projects in the construction sector of Korea Finance for Construction (K-FINCO).

The aim of the agreement is to help enable South Korean contractors to fully participate in construction projects in Tanzania where NMB will represent K-FINCO by providing guarantees to obtain tenders to implement the projects and according to the agreement, NMB Bank and K-FINCO will have an important role to attract large construction projects that will help improve the lives of Tanzanians.

This partnership is also expected to continue capital growth, create jobs, and make Tanzania a beacon of infrastructure in this region where the signing ceremony of the partnership has been witnessed by the Tanzanian Ambassador to South Korea, Togolani Mavura while the NMB Delegation led by the Chief Executive Officer (CEO), Ruth Zaipuna and the K-FINCO Delegation led by Dr. Eunjae Lee who is the CEO of the Institute and the Chairman of its Board of Directors.

The agreement, which is expected to strengthen the development of construction in the country, encourages the two institutions to work more closely to fully contribute to the economic growth of Tanzania and the efforts to build the Nation.