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Tanzania

Standard Chartered Bank Tanzania Ltd.

$2.7 million
Financial Services
Project Brief
Not Active

Project Facts

Project Facts

Project Facts

Tanzania
Project ID
2744
Guarantee Holder
Standard Chartered Africa plc.
Investor Country
United Kingdom
Environmental Category
FI
Project Type
Non-SIP
Fiscal Year
1993

Standard Chartered Africa p1c., a subsidiary of Standard Chartered Bank of the United Kingdom, opened a wholly owned subsidiary in Tanzania with MIGA's support. The first foreign bank to reenter the country since the nationalization of all financial institutions in 1967, Standard Chartered Africa will provide a variety of financial services and stimulate competition in the banking sector. When fully operational, the subsidiary will employ about eighty people. MIGA's $2.7 million guarantee of Standard Charter's equity investment covers the risks of currency transfer and expropriation.