• The Aga Khan Foundation has launched a campaign to plant 1.5 million mangrove trees in Bagamoyo, Tanzania.
• The environment in Bagamoyo is worsening due to illegal tree harvesting that has already cleared over 5,636 hectares of mangrove forest.
• The campaign is part of the AKF’s trailblazing programmes in East Africa geared towards providing an environmentally sustainable future.

The Aga Khan Foundation (AKF) is stepping up efforts to tackle negative impacts of climate change on the environment by planting 1.5 million mangrove trees along Africa’s Indian Ocean Coast. The green initiative is part of a network of projects in the pipeline under AKF’s long-term goal of creating a sustainable future for humanity globally.

The mangrove trees initiative, which is in response to climate change, was launched this May, in Bagamoyo, Tanzania. The campaign will be undertaken in Bagamoyo mangrove forest reserve, an ecosystem that borders the Saadani National Park.

Putting at

• Tanzania-based CRDB bank has recognized the potential for growth opportunities in regional economies.
• CRDB Bank has established a presence in Burundi, Rwanda, Uganda, and DRC, following in the footsteps of Kenya’s Equity and KCB.
• CRDB Bank’s regional expansion aims to facilitate cross-border trade and enhance financial inclusion.

CRDB Bank is evolving into a partner for growth for East Africa’s entrepreneurs by seeking to replicate its success story in Tanzania across the regional markets. The bank has recognized the potential for growth and opportunities in neighboring countries and is strategically expanding its operations in East Africa.

In Tanzania, entrepreneurs are tapping into the lender’s range of products to scale into new growth horizons. Take Diana Tarimo for instance. When Diana received about $21,000 in business loans from CRDB, this became the catalyst she needed to expand her water distribution investments in suburban Dar es Salaam.

Diana is one of over 10,000 …

• The IMF says latest tranche is meant to finance “general national development efforts.”
• When the entire Extended Credit Facility ECF is disbursed, Tanzania will be eligible to receive in excess of $304.7 million.
• Tanzania faulted for not publishing audit report of its Covid-19 pandemic-related spending.

The International Monetary Fund (IMF) has approved $153 million in credit financing for Tanzania. The loan, however, comes with a tough call for enhanced monitoring and transparency in public spending.

This financing is only the first part of the loan that was issued following the completion of the first part of the country’s Extended Credit Facility (ECF) review. When the full ECF is completed, Tanzania will be eligible to receive in excess of 4. (https://pragermetis.com/) 7 million.

What is the loan for? According to the public statement released after the deal was signed earlier this month, the money is meant to finance “general …

• Tanzania gives six months tax break to domestic start-ups, usually Small and Micro Enterprises (SMEs).
• Foreign companies in Tanzania enjoy a five-year tax holiday as permitted by the investment law.
• At the moment, new Tanzanian businesses are required to full tax payments despite the availability of this six months’ tax break provision

Start-ups in Tanzania are given six months of tax holiday as the government looks to boost the private sector competitiveness but a quick survey on the ground by The Exchange shows the program still lags behind.

The move to extend a tax holiday comes in the wake of persistent outcry by the private sector over the unfair competition by foreign companies that can afford to offer lower prices for their services and/or products.

However, does a reduction in taxes equate to improved productivity, increased efficiency and higher quality of services or products?

There is an overarching argument …

• Africa Development Bank (AfDB) has launched the Africa Fertilizer Financing Mechanisms (AFFM) to boost purchase of the critical farm input across the continent.
• The Food and Agriculture Organization (FAO) warns that Africa is spending less on agriculture development than the rest of the world.
• AFFM has already secured $10.15 million in new funding from the Norwegian Agency for Development Cooperation (NORAD).

Shortage of fertilizer in Africa continues as the war between its main suppliers Russia and Ukraine enters the second year. To increase food productivity and security, African countries need increased access to fertilizer, nut until this dilemma is resolved, food security is off the table.

Access to fertilizer in Africa is very limited, where available, this basic agro-input for increased production is simply too expensive for effective use.

Such shortcomings were meant to be addressed by progressive initiatives such as the Maputo Agreement that was signed in Mozambique in …

• 71 LGAs paid $4.3 million (TZS10.08 billion) to various suppliers and clients without demanding receipts.
• About $32.7 million in revenue from rental charges for shops and houses located at the council’s bus stands and markets was not collected.
• Audit has prompted President Samia Suluhu Hassan to dissolve the board of Tanzania Government Flight Agency (TGFA).

An audit in Tanzania has exposed massive corruption and misuse of public finances across Local Government Authorities (LGAs) that led to the loss of billions of shillings, yet another pointer to why the country of nearly 65 million people still ranks high globally on corruption.

Tanzania Controller and Auditor General (CAG) 2021/22 report shows a total of 71 LGAs paid $4.3 million (TZS10.08 billion) to various suppliers and clients without demanding receipts while another 40 authorities wired $725,711 or TZS1.70 billion to beneficiaries without proof of the relevant supporting documents.

A total of $4.7 million …