Browsing: EFG

Barely three months since Tanzania’s incumbent president Samia Suluhu Hassan made a public announcement of her intention to regain investor confidence, the efforts are already bearing fruits.

The president recently said ‘…investors view the country as having an unpredictable investment climate, hostile tax collection, and bureaucracy all of which are scaring investors away.’ As such, she pledged to change the status quo.

“The sixth phase government will take an uncompromising approach on this, and we will start with the blueprint for the improvement of Tanzania’s business climate…” the president announced.

Against the backdrop of the work that has already been done by her government to regain investor confidence a major global financial firm, EFG Hermes, an Egyptian financial services company, has doubled its investment in the country.

Earlier in August, the firm doubled its purchase of CRDB Bank shares, Tanzania’s leading bank in terms of market share. According to a …