The government, through the Tanzania National Business Council (TNBC), is moving forward with plans to establish an International Financial Services Centre (IFC) in the country.
The centre is expected to attract both local and foreign investment, unlocking capital to drive economic growth.
Speaking at the third meeting of the TNBC Financial Task Force in Dar es Salaam, Dr. Natu El Maamry Mwamba, Permanent Secretary at the Ministry of Finance and chair of the task force, said the initiative is in its early stages of presentation to TNBC members.
He described the IFC as a strategic step in implementing the government’s directive to strengthen Tanzania’s financial and investment landscape.
“The centre will identify key investment opportunities, including sectors such as mining and gas, where investors can safely place their capital,” Dr. Natu said.
He added that the IFC will provide Tanzanian investors with access to capital in a way similar to foreign companies that bring investment from abroad.
Institutions under the Ministry are ready to collaborate with stakeholders to ensure the centre is established quickly, creating a strong foundation for economic growth.
The task force has outlined important steps for the IFC’s creation, including issuing a government announcement, selecting a suitable location proposed to be Dar es Salaam, the country’s commercial hub and putting in place laws, regulations, and guidelines to manage its operations.
“Countries with similar financial centres have seen rapid economic growth. Rwanda’s centre, for instance, has created nearly 50,000 jobs and generated significant revenue,” Dr. Natu noted.
He also cited Kenya’s success, where the centre has contributed around 26,000 jobs and is a key part of the country’s Vision 2050 economic plan.
Other examples include the United States, United Kingdom, Dubai, Hong Kong, and Malaysia.
Despite delays, Tanzania’s geography, rich resources such as minerals and gas, and a stable business environment make it an attractive location for investment.
Dr. Godwill Wanga, TNBC Executive Secretary, said the task force recommended measures to create a more investor-friendly environment, including health insurance for Tanzanians, crop insurance, and tax reforms under the President’s Office to remove business hurdles and encourage investment.
The meeting also called for issuing National Identification Numbers to all citizens to improve tax compliance and expand government revenue, while educating the public on investment opportunities.
Mr. Vicent Minja, President of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), stressed that the centre should operate independently, similar to Dubai’s IFC, to ensure investor confidence and security of capital.
Other proposals included promoting domestic participation in capital markets and inviting Dar es Salaam Stock Exchange (DSE) experts to train task force members on investment opportunities and best practices.
