Tanzania lists projects for Sh1.4tr funding plan

Tanzania has submitted projects worth more than Sh1.4 trillion to the Arab Bank for Economic Development in Africa (Badea) for possible funding.

The projects are contained in a document titled ‘The Gulf Cooperation Council (GCC) Investment Promotion Forum in Tanzania, that was presented at a meeting involving government officials and members of the private sector from East Africa’s second largest economy and from member states of the GCC.

The GCC is a regional intergovernmental political and economic union consisting of all Arab states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The projects range from agriculture, education, manufacturing, real estate, tourism, fianance and mining.

Mining alone commends more than Sh1 trillion, with great share coming from Umoja Gold Venture ($655 million) whose specifications could not be immediately established.

Without revealing the amount, Finance Minister Saada Mkuya said Tanzania appreciates the support it gets from the Badea and Arabian Gulf which enables Tanzania to improve its economy.

She assured investors that Tanzania still has a lot of investment potentials in agriculture and livestock, banking and finance, construction, energy and mining, industries and trade, telecommunication, tourism, transport, education and health sectors, adding that the country has put in place a conducive environment that nurtures growth of business ventures.

“We take the lead in attracting investors largely due to the fact that we offer a positive peaceful and stable environment for business and investment….the whole process is underpinned by political, economic and social policies that favour investors to take advantage of the untapped investment opportunities,” she said.
Source: The Citizen reported by Alex Malanga, from Dar es Salaam, Tanzania
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