Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Thursday, July 7, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
alternatetext

Stanbic Bank Tanzania commits TZS 177 billion to infrastructure projects in Tanzania

by The Exchange
September 26, 2019
in Banking, Tanzania
0
Share on FacebookShare on LinkedIn

Stanbic Bank Tanzania today reaffirmed its commitment to the development of Tanzania and announced that in 2019 it provided TZS 177 billion in funding to various infrastructure development projects in the country. Providing finance and financial expertise to the private and public sector in Tanzania is a key focus for the bank.

Stanbic Chief Executive Mr. Ken Cockerill said, “Stanbic Bank is well positioned to play an important role in supporting Tanzania’s second Five Year Development Plan, which seeks to encourage industrialization and promote economic growth and social development.”

Mr Cockerill also mentioned that, “Infrastructure development is the cornerstone for sustainable long-term economic growth and competitiveness. With that in mind we are proud to be at the forefront of bridging the infrastructure funding gap to accelerate socioeconomic transformation in Tanzania.”

Unlocking private sector funding will create solutions to bridge Tanzania’s and the continent’s infrastructure deficit and challenging business environment by developing and financing infrastructure, natural resources and industrial assets with a view to enhancing productivity and generating economic growth across Africa.

The Government of Tanzania has in 2019 dedicated over TZS 12.2 trillion (USD 5.3 billion) towards key development projects that include Africa’s longest Standard Gauge Railway (SGR), the Uganda-Tanzania Crude Oil Pipeline and Julius Nyerere International Airport Terminal 3.

alternatetext

On his part, Stanbic’s Head of Corporate & Investment Banking, Mr. Manzi Rwegasira said, “Tanzania is well on its way to bridging the infrastructure gap which is critical to Tanzania becoming a middle-income country by 2025.”

Tanzania’s population is also growing at a rate of 1.6 million people per year and this is projected to reach 67 million people by 2025 and 77 million by 2030, hence the importance for modern infrastructure for an upcoming middle-income country.

Mr.Rwegasira added that, “It is through collaboration between the private and public sector, spearheaded by corporates such as Stanbic Bank Tanzania,that will drive inclusive development in our economy.”

Official data from the Bank of Tanzania shows that the country’s economy grew at an average GDP growth rate of 6.6% in 2018 with the infrastructure sector significantly contributing to this growth. This year, the economy is projected to grow by 7.1 % with infrastructure projects such as roads, ports and rail expected to drive Tanzania’s GDP growth.

Since, 2018 Stanbic has raised over TZS 300 billion in financing for Tanzanian companies and institutions across the agricultural, consumer, industrial, natural resources and government sectors.

The bank is committed to working with the government and key stakeholders to improve the investment and resource mobilization climate in order to ensure that Tanzania realizes its socio-economic aspirations by 2025.

Tags: Stanbic Bank TanzaniaTanzania Infrastructure

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

The Exchange

- We provide economic news and analysis on the investment arena in Africa, with a particular interest in doing business. Our key areas of focus include banking, capital markets, energy, mining, manufacturing and industrial development.

Related Posts

Africa

Powering Africa: Renewables safest bet for sustainable future

July 4, 2022
www.theexchange.africa
Banking

Kenya: Stanbic Bank provides women entrepreneurs with over $58.5 million in three years

June 28, 2022
www.theexchange.africa
Banking

Kenya: Here’s how much Jubilee Holdings will pay in dividends

June 24, 2022
Next Post
Armadale Capital secures Chinese buyers of Tanzania's graphite

Armadale Capital secures Chinese buyers for Tanzania's graphite

American Chamber of Commerce gears up for its Nairobi meeting

American Chamber of Commerce gears up for its Nairobi meeting

Standard Chartered Bank Kenya CEO Kariuki Ngari. In a report by the bank, Kenya has been ranked third in the top 20 markets with the greatest potential for future trade growth. www.theexchange.africa

Kenya, Ivory Coast top global trade rising stars list




This months edition

Features

Countries

Era of the African Passport: A mixed bag of opportunities?

by june njoroge
July 4, 2022
0

The African passport is a common passport document that is set to replace the existing nationally issued AU member states’...

Read more
Sibongile Thobakgale. She is the area sales manager for South Africa at Aggreko Africa. www.theexchange.africa
Investing

Transforming manufacturing in Africa

by Opinion
July 4, 2022
0

From cement to food and beverages to metal production and processing, manufacturing organisations are looking for sustainable energy solutions to...

Read more
Wallace Manyara. He is the Business Development Manager, Region South & East Africa, Wärtsilä Energy. www.theexchange.africa
Investing

Renewables, gas cheapest ways to meet Mozambique’s electricity demand

by Opinion
July 1, 2022
0

To meet its growing energy needs and increase electricity access across the population, Mozambique must build 1.3GW of new power...

Read more
By 2030, tech financing in Africa will hit US$90 billion. African governments have a lot to do to reduce the risk of investing in tech startups. www.theexchange.africa
Tech & Business

Challenges and opportunities across Africa’s tech ecosystems

by Njenga Hakeenah
July 4, 2022
0

In addition, governments have to make things better for businesses. Currently, tech start-ups have to pay a lot to comply...

Read more
Foreign Currency Auction System Fails to Meet Soaring Demand
Industry and Trade

Foreign currency auction fails to meet soaring demand

by Laurence Sithole
July 4, 2022
0

Despite these fundamentals, the Zimbabwe dollar has continued to slide against the United States dollar prompting the government to take...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In