- KDIC Signed a MOU with the Bank of Tanzania (BOT) and Ministry of Finance in Dar es Salaam, Tanzania on
January 16, 2012
On January 16 (Monday), the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of
understanding (MOU) with the Bank of Tanzania (BOT) and Ministry of Finance in Dar es Salaam, Tanzania.
The MOU is aimed at laying the groundwork for cooperation and exchange between the three parties to
establish an independent deposit insurer in Tanzania. With the signing of the MOU, the project to advance the
Tanzanian financial system is expected to gather further momentum.
The KDIC has had ties with the Deposit Insurance Board (DIB) under the BOT since 2009. The KDIC was
chosen by the Korean government as the project implementation agency of the Tanzania KSP* in 2011. It has
since provided assistance to the DIB in its effort to establish an independent deposit insurance agency.
The KDIC has shared its know-how and experience in implementing the deposit insurance system with
financial safety-net players in emerging nations. In particular, as deposit insurance was given increasing
importance globally in the wake of the recent financial crisis, the KDIC chose sharing of experience in deposit
insurance implementation as one of its long-term business priorities in 2009. Thanks to the strong commitment
of its Chairman & President Seung-woo Lee, the KDIC has helped several emerging nations to successfully
adopt the deposit insurance system.
The visit to Tanzania in January and signing of the MOU were also part of the KDIC's project for sharing of
experience in deposit insurance implementation. Going forward, the KDIC will offer policy consultation and staff
training programs to the DIB under the MOU, which will contribute to the development of the deposit insurance
system in Tanzania.
* Knowledge Sharing Program: The Korean government's policy consulting program to share Korea's
experience in economic development with emerging nations, etc.
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