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History of The TIB Development Bank

The TIB Development Bank (formally known Tanzania Investment Bank) was established by an Act of the National Assembly: The Tanzania Investment Bank Act, 1970 (No. 20 of 1970). The decision to establish the Bank was one of a number of measures taken by the Government to rationalize the financial institutions in order to ensure the most efficient adaptation of the financial sector to the specialized needs of the economy which had been undergoing several structural changes during the 1960s. According to Government measures, Tanzania Investment Bank was to specialize in the provision of medium and long term credit for industrial development. Industrial development in this context was broadly defined to include large-scale commercial agriculture, the development of manufacturing, assembly and processing, and the development of the engineering, construction, transport, tourist and mining industries.

1967

  • Arusha Declaration, Ujamaa era begins
  • The Nyerere Administration, declare Tanzania as an African socilaist state, Ujamaa

1970

  • Creation of TIB
  • TIB is conceived under the TIB act of 1970

1977

  • Dissolution of the East Africa Community

1978

  • Uganda war
  • The war costed the country $500 million

1985

  • Ujamaa era ended and Shillings crashed against the dollar

1988

  • Formation of the Nyirabu Commision
  • This marked the beginning of the economic reforms

1991

  • Liberalization of the Banking Act

1992

  • TIB is registered under the companies Act
  • Tanzania Investment Bank (TIB) was licenced as a non Bank financial institution with no authority to operate checking accounts

1995

  • Bank of Tanzania Act
  • The act led to more financial regulations and formation of TRA

2005

  • TIB designated as a DFI

2010

  • Cabinet approve recommendations to split TIB into both DFI and Commercial Bank
  • Tanzania Investment Bank (TIB) formally inagurated as a DFI

2012

  • TIB applied for DFI licencing
  • TIB applied for Corporate Licencing
  • TIB Rasilimali Limited Registered

2012

  • Tanzania Investment Bank (TIB) changes its name to TIB Development Bank Ltd, and has incorporated a commercial Bank Subsidiary, TIB Corporate Finance Limited

2015

TIB split into

  • TIB Development Bank
  • TIB Corporate Bank
  • TIB Rasilimali

2016

FYDP II

  • Industrializafion for
  • Economic and Human Development

2017

Revival of Parastatals

  • ATCL
  • TRL

2018

Mega Infrastructure Projects

  • Standard Gauge Railway
  • Rufiji Hydropower Project
  • Ubungo Interchange
  • Mfugale Bridge