The Deposit Insurance Board has by Notice dated 6 March 2022 invited all depositors and other creditors of FBME Bank Limited (under liquidation) to share comments regarding the liquidation of FBME Bank through the DIB website www.dib.go.tz and the BOT website www.bot.go.tz. Please contact us if you have any comments or questions.
The Tanzanian Parliament has enacted the new Arbitration Act 2020 which has been given Presidential assent and passed into law in February 2020 to replace the Arbitration Act 1931. The Act provides for conduct relating to “domestic arbitration”, “international arbitration” and enforcement of foreign arbitral awards and related matters. Key issues addressed in the Act … Read more
Further to the 8 February 2018 constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018 – see our earlier post), supporting Regulations have been published with effect from 26 April 2019. In short: Detailed definitions of “undeveloped” and “underdeveloped” land. Details of the amount of development required over 5 … Read more
Microfinance Act 2018 was enacted by National Assembly on 16 November 2018 (see VELMA Law earlier post) and now the Bank of Tanzania (BOT) has published a Notice to the public requiring all persons engaged in “microfinance business” to submit to BOT by Thursday 31 January 2019 the detailed corporate and financial background information listed in … Read more
A Microfinance Bill has been published on 5 November 2018. It is set to regulate licensing and registration of deposit and non-deposit taking microfinance business in 4 tiers: Tier 1 – deposit taking microfinance service providers, such as banks and microfinance banks. Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial … Read more
With effect from 8 February 2018 there are new constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018). In short, finance from local or foreign banks (or financial institutions) obtained by mortgages of: any Tanzanian land, must be invested in Tanzania; any un/under developed Tanzanian land, must be used … Read more
TANESCO has published the following 3 Invitations for Qualification: TANESCO IFQ – Large Wind dated 18 September 2018 TANESCO IFQ – Coal dated 18 September 2018 TANESCO IFQ – Large Solar dated 18 September 2018 We have an extensive local energy and projects practice and can assist on any of these IFQs. Please contact us if you have any comments or … Read more
USAID has published its Tanzania Investment Policy Assessment 2018 via its East Africa Trade + Investment Hub. Statistics are from United Nations Conference on Trade and Development (UNCTAD). See: http://unctad.org/en/Pages/statistics.aspx The set of investment policy questions that guided the research process are adapted from the World Bank Group. See http://documents.worldbank.org/curated/en/666341500008847215/pdf/117475-PUBLIC-WP-13-7-2017-12-8-30-SPIRAToolKitGuide.pdfInternational best practice is cited from several … Read more
Ministry of Industry, Trade and Investment, Dodoma has in May 2018 published a Blueprint for Regulatory Reforms to Improve the Business Environment dated December 2017. The Blueprint provides the Government’s main framework for enabling a holistic review of the business enabling environment (BEE) in order to improve the business climate in Tanzania. It presents key … Read more
Deposit Insurance Board has announced that reimbursement of insured deposits of FBME Bank Ltd (under liquidation) to depositors will commence on 1 November 2017.