Bank of Africa Tanzania’s (BOA), Managing Director, Amine Bouabid, said that BOA has entered into an agreement with different companies including Lake Gas Tanzania Limited that will see the bank availing a total loan of $6.5m for the expansion of the Liquefied Petroleum Gas (LPG) terminal in Tanga, The Citizen reported.
The terminal is already fully operational and vessels are berthing and offloading LPG directly to Lake Gas Terminal but the agreement seeks to expand it and increase its capacity, according to All Africa. Apart from the LPG terminal, BOA also struck a $6m deal with Superstar Forwarders Company Limted for the expansion of the company’s logistic trucks that will transport oil from Tanzania to landlocked countries.
Bouabid added: “currently, total LPG importation in Tanzania stands at 12,000mt per month but it is growing at 25% per annum so with this agreement, we will be able to satisfy demand.”
Morocco investors own a controlling share in BOA. The bank also operates in, Benin, Burkina Faso, Burundi, DRC, Djibouti, Ethiopia, Ghana, Kenya, Ivory Coast, Madagascar, Mali, Niger, Rwanda, Senegal, Togo, Uganda and France.