Credit Suisse (UK) promises to fund Tanzania’s development projects

16Apr 2019
The Guardian
Credit Suisse (UK) promises to fund Tanzania’s development projects

THE Credit Suisse (UK) Limited has promised to continue funding Tanzania’s development projects after being impressed with the country’s loan repayment trend and the quality of implemented projects.

THE Credit Suisse (UK)

The Banks’ Director of International Marketing, Elizabeth Muchemi made the remarks in Washington D.C when he met and held talks with Tanzania’s Finance and Planning Minister, Dr Philip Mpango  on the sideline of the ongoing World Bank – IMF Spring meetings. The meeting was attended by Bank of Tanzania (BoT) Governor, Prof Florens Luoga.

Muchemi said that Tanzania contrary to other African countries has been repaying the loans on time and ensure projects are implemented on required standards.

The Credit Suisse (UK) Limited had recently provided a loan of US $ 200 million to Tanzania for implementation of projects in the construction sector especially roads and standard gauge railway (SGR).

“We have been impressed with the performance of Tanzania government and its good development plans. We have never had problems with recovering our money from Tanzania”, she said insisting to have confidence with the government. 

Dr Philip Mpango thanked the Credit Suisse (UK) Limited for supporting Tanzania’s development projects.

Dr Mpango said that Tanzania plans to implement a number of strategic projects such as the SGR, expansion of ports, roads, water, health and improvement of learning environment. 

He said the government will require a lot of funds to implement such projects. 

He asserted that construction of SGR and expansion of ports will open up economic opportunities as well as boost government revenues since the country will be a gateway to landlocked countries namely Burundi, Uganda, Rwanda and Democratic Republic of Congo (DRC).

Dr Mpango is leading the Tanzania delegation at the 2019 Spring Meetings. The Tanzania delegation includes officials from both sides of the Union..

According to him, the Tanzania delegation was to stand for national interests for the benefits of Tanzanian residents in both mainland and Zanzibar.

Some of the matters discussed during the Spring meetings include Africa matters related to soft loans, expertise assistant and economic policies. 

Others are world economic trend, WB funded development projects for the 2019/2020 fiscal year, human resources, digital economy and the availability of soft loans from WB for implementation of priority projects in the infrastructure and power sector. 

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