By Our Reporter
Tanzania has called for greater investment in youth employment and domestic businesses as part of efforts to accelerate economic growth and ensure that major development projects create more opportunities for Tanzanians.
Finance Minister Khamis Mussa Omar said Tanzania supported a World Bank strategy to help member countries develop policies and projects that generate jobs, particularly for young people, while strengthening the private sector.
He made the remarks in Bangkok, Thailand, during a meeting of the World Bank’s Africa Group I constituency, held on the sidelines of the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank.
Ambassador Omar said employment creation was a major priority for Tanzania and Africa, given the continent’s growing population and the need to equip young people with education, skills and opportunities to participate in economic development.
He said the government would continue investing in education and skills development to prepare young people for both formal employment and self-employment.
However, he stressed that training alone would not be enough without expanding opportunities in sectors capable of absorbing more workers, including agriculture, mining, mineral processing and tourism.
In agriculture, the minister said Tanzania needed to go beyond increasing production and focus on value addition through processing and industries that use locally available raw materials.
Such investments, he said, would create jobs, expand business opportunities and increase the sector’s contribution to the economy.
Ambassador Omar also emphasised the need for major development projects to provide greater opportunities for private sector participation, particularly for domestic investors.
The approach would allow local businesses to participate in implementing projects and benefit from the economic activities generated by public investment, while strengthening their capacity to contribute to national development.
His remarks come amid growing calls for African economies to translate development financing and investment into jobs, particularly for young people entering the labour market.
Presenting an update on the World Bank’s activities, the institution’s Executive Director for Africa Group I, Dr Zarau Wendeline Kibwe, urged member countries to prioritise employment creation across all development sectors.
The meeting also marked the end of Dr Kibwe’s two-year tenure as executive director, which began in 2024 and concluded in October 2026.
World Bank governors representing the constituency commended her leadership and performance during her time in office.
Ambassador Omar said Tanzania was proud of the recognition accorded to Dr Kibwe by the governors, noting her role in helping member countries access financial and technical assistance, as well as concessional loans.
He also credited her with helping raise Tanzania’s international profile by advocating for the country to host meetings of the World Bank Group, which he said had been successfully held.
In her farewell remarks, Dr Kibwe thanked President Samia Suluhu Hassan for entrusting her with various responsibilities at the global financial institution, saying the experience she had gained would help her continue contributing to Tanzania’s development.
She said one of her key achievements during her two-year tenure in Washington, DC, was helping establish strategies to increase financing for the 22 countries represented by her constituency.
According to Dr Kibwe, the countries secured a combined $29 billion through various institutions within the World Bank Group.
She said Tanzania’s financing had also increased substantially during her tenure on the World Bank’s Board of Executive Directors, with funding for strategic development projects rising from $4 billion to $9 billion.
Financing directed towards the private sector increased from $200 million to $800 million, she added.
The figures reflect an expansion in World Bank-supported development financing in Tanzania, with the portfolio of public sector projects growing from approximately $4 billion to $9 billion, while private sector financing rose from about $200 million to $800 million.
The focus on employment and domestic investment highlights the importance of ensuring that increased development financing translates into productive economic activity, stronger local businesses and more opportunities for young Tanzanians.