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The TIB Development Bank (formally known Tanzania Investment Bank) was established by an Act of the National Assembly: The Tanzania Investment Bank Act, 1970 (No. 20 of 1970). The decision to establish the Bank was one of a number of measures taken by the Government to rationalize the financial institutions in order to ensure the most efficient adaptation of the financial sector to the specialized needs of the economy which had been undergoing several structural changes during the 1960s. According to Government measures, Tanzania Investment Bank was to specialize in the provision of medium and long term credit for industrial development. Industrial development in this context was broadly defined to include large-scale commercial agriculture, the development of manufacturing, assembly and processing, and the development of the engineering, construction, transport, tourist and mining industries.