The company TIB Development Bank under siege: blackbyte Cyber Gang's attack

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TIB Development Bank Limited was established in November 1970 initially by the Parliamentary Act, the Tanzania Investment Bank Act of 1970 with the main purpose of financing development with emphasis on industrialization of the country. TIB was able to fulfil its mandate with notable success in the setting up of textile, leather, paper and other processing industries until the macroeconomic instabilities of the 1980s when the country’s economy deteriorated.The economic reforms of the 1990s highlighted the lack of long term funding as it was not offered by any of the commercial and financial institutions operating the country at the time. The Government therefore re-designated TIB as a Development Finance Institution (DFI) in 2005. The bank has completed the process of transformation into a DFI with an engagement focus centred primarily on infrastructure, industrialization (agro-processing, mining, and general manufacturing) oil and gas and services sector.

Threat Actor

blackbyte

Criminal

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