Development Bank, formerly known as Tanzania Investment
Bank (TIB), is a government-owned development bank in Tanzania. The bank
is the first development finance institution established by the
Government of Tanzania. The activities of TIB are supervised by the Bank
of Tanzania, the central bank and national banking regulator. TIB is
registered as a Registered Financial Institution.
The bank was established by Act of Parliament in 1970. At
that time, the main objective of TIB was to provide “medium and
long-term loans to investors in commercial agriculture, manufacturing,
processing, construction, transport, tourism and mining sectors”.
However, due to economic hardships, including a war with Idi
Amin of neighboring Uganda and foreign currency exchange fluctuations
within the Tanzanian economy, the bank became unable to service its
financial obligations. To mitigate financial losses, TIB resorted to
making short-term loans and to function like a commercial bank. The
period between 1980 until 2003 was particularly hard on the bank.
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