BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES)

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1 BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) 1

2 The Agenda Why long term financing? The current status and existing alternatives Challenges of raising long term capital in Tanzania Capital raising climate (the DSE) Conclusion 2

3 Why Long Term Financing? Long term financing is critical to rapid and sustainable economic growth and enterprises development Current financing sources for businesses are skewed towards household savings and commercial bank loans Mainly short to medium oriented and relatively expensive for moderate businesses 3

4 Alternative Sources of LTF Foreign Direct Investment directly feeds many types of enterprise investment activity in the country (averages US$ 1 billion p.a. in the past few years) Foreign grants & loans contribute substantially to direct financing of the government budget (but also business enterprises i.e. microfinance, health projects, etc) Foreign portfolio investments mainly on listed equities, also PE and VC funds (however qualifying deals are small and few) 4

5 FDI in Tanzania Finances most long term investments enterprises; FDIs flow in 2012 was US$ 1.1 bn, US$ 0.9 bn in 2011, ~5% of GDP & 2% of total FDI in Africa Mainly directed to extractive industries - dominated by the mining sector; in the next years FDIs seem likely to be dominated by oil & gas investments Also finances core infrastructure projects (Roads, Bridges, Energy, etc ) as well as social infrastructure (Hospitals, Schools, etc) 5

6 Grants & Aids Injected through general budget support (~30% of budget, US$ 2.8 bn for 2012/13) and business enterprises (i.e. microfinances and health projects) Total foreign programs and project assistance ~ 10% of GDP Represents major reason why the country has been able to consistently invest much more than it saves Invested directly towards core infrastructure and social Infrastructure 6

7 Savings (house holds and remittances) Provide savings that are then invested (as core capital and WC) directly mostly in SMEs (outside the financial system) Amounts ~US$ 3.5 billion p.a (15% of GDP) Also supported by remittances from friends & relatives living abroad Also pays taxes that then feeds into the budget 7

8 Channels used to allocate LTF Domestic savings are largely allocated without much involvement of the financial system Grants and loans are channeled in most cases directly through the budget, not much intermediated through the domestic financial system FDI flows into sectors such as mining, oil & gas will only touch the financial system, but are not intermediated by the system in any significant manner 8

9 Assets Allocation in Tanzania Financial Systems Banking (US$ bn) Pension (US$ 3.5 bn) Insurance (US$ 0.4 bn) Microfinance (US$0.1 bn) Mutual funds (US$ 0.1 bn) Stock exchange (2.5 bn) Banks (64%) Pensions (20%) Insurance (2%) Microfinance (1%) Mutual funds (1%) Stock exchange (13%)

10 Raising LTF is a Challenge? Limited knowledge & family owned businesses factor Availability of alternatives (short term & relatively expensive) Lack of PE and VC funds to finance start ups and mid sized enterprises Lack of courage to pursue long term financing Structural related difficulties in the financial sector (Tbills, inflation, interest, reserve build up) Challenging legal- regulatory environment in the capital market (SMEs accessing DSE?) 10

11 Challenges for Capital Raising for LT ventures Financial market & system ranks third in the EAC both, in depth and complexity PE & VC financing deals in Tanzania are few and relatively small in size Information asymmetry and lack of sophistication Listed equity market highly skewed and illiquid (detriment to PE & VC) Fragmented and illiquid secondary bonds market 11

12 Challenges of raising capital for LT ventures General lack of long term financing institutions / sources Structural difficulties for banks to provide LTF Most of pensions longer- term liabilities are invested in short- term assets with a buy- and- hold investment strategy Even with recent reforms pensions liabilities are prohibited to finance new ventures and exploration projects 12

13 Challenges for capital raising for LT ventures Capital markets legal/regulatory environment are cumbersome, slow and bureaucratic, also capital raising and listing requirements at DSE seems focused to profitable corporates Limited local knowledge, small investor base and foreign investors limits - - hinders portfolio investment inflows the cause for illiquidity at the DSE Foreign investors are prohibited to participate in the local bonds market 13

14 Capital Raising Climate: the DSE DSE started operations in listed companies (6 cross listed) Domestic market capitalization (~US$ 2.5 billion, total ~US$ 8.5 billion) Turnover (liquidity) ratio is <1%; market cap/ GDP is ~10% More than 140 outstanding listed bonds worth ~ US$ 2 billion; liquidity ~10% 13 corporate bonds (five outstanding) worth ~ US$ 50 million 14

15 Role of DSE in the Economy Provides a platform for raising long term capital Rationalizes allocation of financial resources, through mobilizing savings for investments Better corporate governance practices, good management standards and efficiencies Creating investment opportunities for small investors Government raising finances for development projects Barometer of the economy (if represents) 15

16 Capital raising through DSE All equity issued in the DSE (except TOL, TBL & PAL) were oversubscribed (sometimes ~2x) All 13 corporate bonds issued and listed were oversubscribed Government papers Issues are mostly oversubscribed Indicates that there is enough liquidity in the market however, there is a limited supply of products (or companies) requiring financing 16

17 Benefits of Capital Raising through DSE (Issuers) Fiscal incentives (corporation tax 25%, tax deductibility of IPO costs) Relatively low capital raising costs Better corporate governance practices and transparency Company profiling & visibility Better price discovery & valuations Relatively lower borrowing costs compared to non- listed 17

18 Benefits to Investors Fiscal incentives (zero capital gain & stamp duty, 5% of WHT on dividends, Zero WHT on listed bonds) Available valuations, can liquidate investments relatively easily and less costly Can use Deposit Receipts/Share Certificates as collateral against bank loans Relatively good investors returns (capital gains and dividends) 18

19 Conclusion Positive outlook following ongoing reforms in the pensions sector, will increase local professional institutional investor base Efforts are underway to partially open up capital account Fiscal Incentives for investors in listed companies Increasingly availability of IDF Institutions, foreign PEs & VCs and portfolio investors focusing on listed and unlisted (but deals are few and small) 19

20 Conclusion Relatively good returns as measured by capital gains and dividends With the existing capital raising climate a combination of diversified approaches is key, efficiency should be of paramount SMEs, Corporates, municipals, real estates developers are encouraged to utilize the stock exchange 20

21 Thank you 21

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