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Credit to the private sector to spur growth in Tanzania – WB

Banking
  • The increased credit to the private sector is associated with positive growth-focused policies.
  • The data shows that there was robust private credit growth except for the tourism industry which is still coming out of the post-pandemic period.  
  • Overall lending rates dropped slightly from 16.8 percent in August 2021 to 16.1 percent in August last year. 

Tanzania is pushing for private sector growth evident in increased credit to the private sector, according to the World Bank.

In the most recent World Bank report on Tanzania’s Economic Update, the growth rate of credit to the private sector increased from 3.2 percent in August 2021 to 20.7 percent in August 2022 and is expected to grow further this year.

The increased credit to the private sector is associated with positive growth-focused policies designed to support private sector recovery in a post-pandemic and slowing global global growth environment.

The development comes as the country …