Rive & Co is honoured to announce that we were the sole law firm advising Stanbic Bank Tanzania and the The People’s Bank of Zanzibar Limited (PBZ Bank) as Co-Mandated Lead Arrangers on landmark syndicated loan facilities to the Revolutionary Government of Zanzibar (SMZ) that will be used to support Zanzibar’s development agenda. As well as having a positive impact on Zanzibar’s diverse communities, the application of the loan facilities will help the SMZ fuel further economic growth in the Zanzibar Archipelago which is already seeing GDP growth rates of 7.3 per annum as announced by the Hon. Minister of State in the President’s Office, Finance and Planning, Dr. Saada Mkuya, at Wednesday’s Signing Ceremony.
This exemplifies Zanzibar’s dedication to sustainable and accelerated development, with the loan monies going to facilitate socio-economically transformative projects, including strategic infrastructure projects.
PBZ and Stanbic Bank Tanzania also headline as initial lenders, committing TZS 185 billion in the first tranche of this financing, which reinforces their commitment to assisting in Zanzibar’s plans to fund key sectors that are vital for prosperity, including infrastructure and transport, ports and the blue economy, industrialisation and trade, healthcare and utilities, whilst supporting Zanzibar’s ESG and green initiatives standards.
Stanbic Bank Tanzania and PBZ’s innovation in transcending boundaries to support local economies is highlighted by their selection of Rive & Co as sole law firm on this complex sovereign debt transaction; having faith that local talent can meet international standards in legal service delivery plus add-value through on-the-ground knowledge. As an indigenous Zanzibari/Tanzanian law firm with 4 offices across Zanzibar and Mainland Tanzania, Rive & Co strives to provide outstanding local content through, and technology transfer to, our highly skilled and specialised lawyers (Advocates) who get unrivalled experience on mega-transactions such as this.
It was a real pleasure working with the banks and SMZ on this transaction; and we must give particular thanks to the phenomenally talented Legal Team at Stanbic Bank Tanzania for being an outstanding client, including Eric R., Juliana Kombe, and Lilian Lutembeka.
Asha-Sabrina Ayub led the Rive & Co legal team on this transaction, assisted principally by Ntazimela Mwanakulya and other Partners at Rive & Co including Sunday Ndamugoba.