Tanzania and global financial services giant Citibank are moving to deepen cooperation in areas expected to boost access to international financing, support infrastructure development and attract more private sector investment into the country.
The move follows a strategic meeting in London between Minister for Finance Ambassador Khamis Mussa Omar (MP) and senior Citibank executives led by Akin Dawodu, Chief Executive Officer responsible for Sub-Saharan Africa.
The meeting formed part of the minister’s engagements with international financial institutions and investors aimed at strengthening Tanzania’s position in global financial markets.
During the talks, the two sides reviewed the long-standing relationship between Tanzania and Citibank, which began when the bank started operations in the country in 1995.
Key areas discussed included Tanzania’s ability to access international capital markets, preparations for the country’s planned first Eurobond issuance, export credit agency (ECA) financing, infrastructure funding, capital market reforms and measures to increase private sector investment.
Citibank reaffirmed its commitment to supporting Tanzania’s integration into global financial markets, expanding domestic capital markets and linking the country with investors from Europe, the United States, the Middle East and Asia.
The bank also expressed interest in supporting financing arrangements for strategic infrastructure projects that are central to Tanzania’s economic growth plans.
The meeting was attended by Tanzania’s High Commissioner to the United Kingdom, Ambassador Mbelwa Kairuki, and Government Debt Commissioner at the Ministry of Finance, Japhet Justne.
Ambassador Omar highlighted Tanzania’s recent economic progress, including increased electricity generation capacity, rehabilitation of key ports in Dar es Salaam, Tanga and Mtwara, as well as expansion of air transport infrastructure.
He said the implementation of Tanzania’s National Development Vision 2050 had officially started in July 2026, with the country targeting an economy worth US$1 trillion within the next 25 years.
The minister said achieving the ambitious target would require strong private sector participation, with about 70 percent of the investment expected to come from private investors.
He also provided an update on the proposed Liquefied Natural Gas (LNG) project, valued at around US$42 billion, saying discussions between the government and investors had made significant progress.
According to Ambassador Omar, the government and investors have reached agreement on the main operational framework, with the project expected to move forward after completion of outstanding internal arrangements among partners.
On reforms aimed at improving the business environment, the minister said President Samia Suluhu Hassan established two commissions to review the country’s investment climate and tax system.
The commissions submitted 284 recommendations aimed at improving tax administration and making the business environment more competitive, with the government currently working on their implementation.
Ambassador Omar said future tax reforms would focus on widening the tax base, improving efficiency in tax administration and strengthening domestic revenue collection rather than increasing the burden on existing taxpayers.
He proposed the establishment of a formal strategic partnership framework between Tanzania and Citibank covering capital markets, infrastructure financing, export credit financing, investor engagement, domestic capital market growth, private sector investment promotion and tax reforms.
The partnership is expected to provide a stronger platform for Tanzania to mobilise financing for development projects and advance its ambition of becoming a competitive investment destination in Africa.
