Pan-African financial institution invests in Tanzanian company

The Tanzania Mortgage Refinance Company (TMRC) has received a $1m boost from Shelter Afrique- a Pan-African financial institution that supports the real sector in Africa.

The equity investment will help Tanzania Mortgage Refinance Company (TMRC) offer services that will give Tanzanians an opportunity to own their own home.

At the signing ceremony, the Managing Director, of Tanzania Mortgage Refinance Company (TMRC), Mr. James Mugerwa said: “I think you will find that we are have built quite an extensive portfolio here in Tanzania, we are currently considering a pipeline of US$30M and are currently committed to the tune of $US24M; but we want to do more in Tanzania and indeed in all member countries.”

Lending his voice, the CEO of Tanzania Mortgage Refinance Company, Mr. Oscar Mgaya said: ‘I am very happy to participate in this great occasion to celebrate another milestone for TMRC and Shelter Afrique who is our newest shareholder. I would like to thank Shelter Afrique CEO Mr. James Mugerwa and his team for the partnership that we have achieved together.’

The signing ceremony was held at the head office of the Tanzania Mortgage Refinance Company, in Dar es Salaam, and it was witnessed by the Tanzania Mortgage Refinance Company Managing Director, Mr. James Mugerwa and its CEO, Mr. Oscar Mgaya.