Tanzania has reaffirmed its strategic partnership with the African Export-Import Bank (Afreximbank), underscoring the lender's critical role in financing the country's long-term economic transformation as it pursues its ambition of becoming a $1 trillion economy by 2050.
Speaking in Dar es Salaam during a meeting with Afreximbank's newly appointed East Africa Regional Director, Humphrey Nwugo, Finance Minister Ambassador Khamis Mussa Omar said the government's development agenda will require sustained access to long-term capital, innovative financing solutions and stronger partnerships with development finance institutions.
The meeting marked Mr Nwugo's first official engagement with the Tanzanian government following his appointment to lead the bank's East Africa regional operations.
Welcoming the new regional director, Ambassador Omar congratulated him on his appointment and expressed confidence that Tanzania and Afreximbank would deepen their long-standing cooperation in support of the country's economic priorities.
"Afreximbank is a strategic partner in Tanzania's economic transformation journey. Realising our Vision 2050 and achieving a $1 trillion economy will depend on strong partnerships, patient capital and innovative financing mechanisms," the minister said.
He welcomed the bank's commitment to mobilise an additional $1 billion for investment in Tanzania over the next 12 months, with financing expected to target manufacturing, infrastructure development and small and medium-sized enterprises (SMEs).
The minister said the implementation of the National Development Vision 2050 and the Fourth Five-Year Development Plan is centred on building a competitive, private sector-led economy, making collaboration with institutions such as Afreximbank increasingly important.
He noted that while the partnership has already delivered significant results, there remains considerable scope to expand cooperation in strategic sectors, including infrastructure, industrialisation, healthcare and trade facilitation.
Ambassador Omar identified industrial expansion, private sector investment, human capital development and enhancing Tanzania's competitiveness in regional and global markets as key areas requiring greater financial support.
For his part, Mr Nwugo praised Tanzania's recent economic progress and reaffirmed Afreximbank's commitment to supporting the country's long-term development agenda.
He said the bank is ready to strengthen its partnership with Tanzania as it works towards its Vision 2050 target, adding that Afreximbank intends to finance strategic investments in sectors including oil and gas, mining, iron and steel, and soda ash.
The regional director said the bank will also continue supporting Tanzania's private sector by providing credit facilities and long-term capital to encourage investment in value addition and other productive industries that drive sustainable economic growth.
Afreximbank has emerged as one of Tanzania's leading development finance partners, providing billions of dollars in loans, guarantees and trade finance for strategic projects.
Among its flagship interventions was an $800 million guarantee issued in 2018 to facilitate construction of the Julius Nyerere Hydropower Project, enabling Egyptian contractors to execute one of the country's largest energy investments.
The bank has also provided $700 million to support key infrastructure projects, including the first four phases of Tanzania's Standard Gauge Railway (SGR), while approving $230 million in financing for commercial banks operating in the country.
In addition, Afreximbank has extended $80 million in loans and other financial facilities to private sector businesses, reinforcing its role in expanding access to finance and promoting industrial development.
The meeting was also attended by Deputy Finance Minister Engineer Mshamu Ali Munde and senior officials from the Ministry of Finance and Afreximbank, who discussed opportunities to further strengthen cooperation in financing Tanzania's development priorities.
