Tanzania Pension Fund Loan USD2.1m to Biotech Industrial Project
The National Social Security Fund
(NSSF) of Tanzania recently disbursed USD2.1m to the Tanzania Biotech Product
Limited in Kibaha for production expansion.
The factory is under the National
Development Corporation (NDC) and is designed to manufacture biotech products
that kill mosquito larva.
The NSSF decision to invest in such
project follows the directives of President Magufuli for pension funds to grant
funds to industrial projects.
Godius Kahyarara, Director General
at NSSF, said that the Fund is also considering the profitability, necessity
and security of the project.
He also explained that NSSF has
invested in various projects, which proved to be successful as they created
employment opportunities and benefited the Fund’s members.
NSSF is Tanzania’s retirement fund
of all employees that are not within any of the government pension schemes.
NSSF is a compulsory scheme providing a wider
range of benefits, financed through contributions at the rate of 20% of
employees’ salary.
Consequently, all funds collected
are wholly invested for the purpose of financing benefit payments. NSSF
Tanzania Projects Some of NSSF’s investment projects include:
The Kigamboni Bridge, which is a
Joint Venture project between the Fund (60%) and Government (40%) Real estate
projects, including the Dege Eco Village, the Kiluvya Hills and Mtoni Kijichi
Kahyarara said that the NSSF has also invested in factories in Mbeya (for
cement), Kagera (sugar) and Morogoro (textiles).
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