By Correspondent Benny Mwaipaja
Tanzania is seeking to deepen its strategic partnership with the African Export-Import Bank (Afreximbank) as it accelerates implementation of its Development Vision 2050, with both sides identifying industrialisation, infrastructure and private sector financing as the next frontiers of economic cooperation.
The commitment emerged during talks in Dar es Salaam between the Minister for Finance, Ambassador Khamis Mussa Omar, and Afreximbank’s newly appointed Regional Chief Operating Officer for Eastern Africa, Humphrey Nwugo, who paid a courtesy call following his recent appointment.
The meeting comes as Tanzania positions itself to achieve its long-term ambition of becoming a US$1 trillion economy by 2050, a target that will require sustained economic growth, increased industrial output, expanded exports and significantly higher levels of long-term investment.
Speaking after the meeting, Ambassador Omar described Afreximbank as one of Tanzania’s most strategic development finance partners, saying the country’s economic transformation agenda would require innovative financing solutions, patient capital and stronger partnerships with continental financial institutions.
“Tanzania regards Afreximbank as a strategic partner in its economic transformation journey. Achieving our Dira 2050 aspirations will require long-term investment, innovative financing mechanisms and close collaboration with institutions such as Afreximbank,” the minister said.
He welcomed Mr. Nwugo to his new role and expressed confidence that the bank would further strengthen its long-standing relationship with Tanzania, particularly as the country enters a new phase of industrial expansion under the Fourth Five-Year Development Plan.
The minister welcomed Afreximbank’s intention to mobilise an additional US$1 billion for investment in Tanzania over the next 12 months. The proposed financing is expected to target key sectors including manufacturing, infrastructure and small and medium-sized enterprises (SMEs), areas regarded as essential for creating jobs, boosting exports and expanding domestic production.
According to Ambassador Omar, although Tanzania has made significant economic progress over the past decade, considerable opportunities remain to expand collaboration in strategic sectors such as infrastructure, industrial development, healthcare and trade facilitation.
He noted that stronger private sector participation would be central to the country’s future growth, with greater access to affordable long-term finance expected to unlock investment in value addition, logistics and export-oriented industries.
For his part, Mr Nwugo commended Tanzania’s economic reforms and reaffirmed Afreximbank’s commitment to supporting the country’s long-term development ambitions.
“We are ready to continue building a long-term partnership that supports Tanzania’s aspiration of becoming a US$1 trillion economy through the successful implementation of Dira 2050,” he said.
He revealed that the bank intends to increase financing for strategic sectors including oil and gas, mining, steel production and industrial minerals, while expanding access to credit and investment capital for the private sector.
“We see enormous opportunities in supporting industries that add value to Tanzania’s natural resources while strengthening the competitiveness of local businesses,” Mr Nwugo added.
Afreximbank has become one of Tanzania’s largest multilateral financial partners, playing an increasingly important role in financing strategic projects that support industrialisation and regional trade integration.
Among its landmark interventions was an US$800 million guarantee provided in 2018 to facilitate construction of the Julius Nyerere Hydropower Project, one of Africa’s largest electricity generation schemes. The bank has also committed approximately US$700 million towards financing various phases of Tanzania’s Standard Gauge Railway (SGR), a flagship infrastructure project expected to transform regional logistics and reduce transport costs.
Beyond infrastructure, Afreximbank has approved US$230 million in financing for commercial banks operating in Tanzania, strengthening liquidity for businesses and trade finance. It has also extended approximately US$80 million in direct financial support to private sector enterprises, helping companies expand production, improve competitiveness and invest in value-added manufacturing. The renewed engagement reflects Tanzania’s broader strategy of leveraging development finance institutions to bridge infrastructure financing gaps while catalysing greater private investment. As implementation of Dira 2050 gathers momentum, access to long-term continental capital is expected to play a pivotal role in transforming Tanzania into one of Africa’s leading industrial and trading economies.
