Tanzania has stepped up efforts to deepen cooperation with the Export-Import Bank of the United States (US EXIM Bank), with a focus on accelerating investment in key sectors expected to drive industrial growth, create jobs, and strengthen the national economy.
The Minister for Finance, Ambassador Khamis Mussa Omar, said the partnership will support the implementation of major development projects in infrastructure, energy, mining, transport and logistics, pharmaceuticals, and agricultural value addition.
Ambassador Omar made the remarks during talks with the President and Chairman of the Board of US EXIM Bank, John Jovanovic, held in Washington D.C., United States.
The meeting took place on the sidelines of the World Bank and International Monetary Fund (IMF) Spring Meetings.
He said the discussions focused on expanding financial and technical cooperation between Tanzania and US EXIM Bank, while aligning future investments with Tanzania’s Development Vision 2050.
According to the Minister, the Vision places the private sector at the center of economic transformation by promoting innovation, production, and employment opportunities.
He said the government is continuing with reforms aimed at improving the business environment, attracting long-term investors, and strengthening public-private partnerships.
Ambassador Omar further highlighted that in April 2023, the Government of Tanzania signed a Memorandum of Understanding (MoU) with US EXIM Bank worth 500 million US dollars.
The agreement is intended to support financing and technical cooperation for strategic development projects.
He said the priority areas under the agreement include construction of infrastructure that supports economic activities, development of critical mineral projects, expansion of energy and power supply systems, improvement of transport and cargo logistics, establishment of pharmaceutical industries, and agro-processing to increase value addition of agricultural products.
He emphasized that these sectors are expected to directly contribute to industrialization, job creation, and improved competitiveness of Tanzanian products in regional and global markets.
On his part, John Jovanovic said the cooperation between Tanzania and the United States through US EXIM Bank is strategic and focused on expanding mutually beneficial trade and investment.
He said the new direction of cooperation will prioritize implementation of agreed key projects, particularly in critical minerals, agriculture, technology, infrastructure development, pharmaceutical manufacturing, and agricultural value addition.
The meeting was also attended by the Minister for Finance and Planning – Zanzibar, Dr. Juma Malik Akil, Tanzania’s Ambassador to the United States, Dr. Elsie S. Kanza, Acting Deputy Permanent Secretary of the Ministry of Finance Rished Bade, Assistant Commissioner from the Government Debt Management Department Tiba Kisonga, Managing Director of TIB Bank Deogratius Kwiyuka, Managing Director of Tanzania Commercial Bank Adam Mihayo, and other senior government and US EXIM Bank officials.
