Tanzania and the International Finance Corporation (IFC) have reaffirmed their commitment to strengthening cooperation aimed at promoting private sector growth, expanding investment and supporting sustainable economic development.
The commitment was expressed during talks between the Minister for Foreign Affairs and East African Cooperation, Ambassador Mahmoud Thabit Kombo, and the IFC Regional Director for Eastern Africa, Mary Porter Peschka, held at the ministry’s sub-office in Dar es Salaam.
Ambassador Kombo commended IFC for its continued support to Tanzania’s financial sector, particularly through partnerships with commercial banks including NMB, CRDB and NBC.
He said the collaboration has helped expand access to credit and capital, enabling more small and medium-sized enterprises to grow and participate in the country’s economic development.
The government also acknowledged IFC’s role in supporting infrastructure development, including advisory services in strategic projects such as the Bus Rapid Transit (BRT) system in Dar es Salaam.
According to the minister, the institution’s engagement in agribusiness and industrial development has also contributed to increasing the value of agricultural products while creating employment opportunities for Tanzanians.
Ambassador Kombo noted that the government continues to prioritise the private sector as a key driver of economic growth, stressing that strengthening investment and industrial development will help the country increase the value of locally produced goods and achieve its long-term development vision by 2050.
Ms Peschka, for her part, commended Tanzania for the effective implementation of projects supported by IFC and reaffirmed the organisation’s commitment to continue working with the country to promote technological innovation and develop skilled professionals who will enhance productivity in sectors such as industry, agriculture and strategic infrastructure development.
