BUSINESS NEWS

IMF Deputy Director, African department, Anupam Basu, has commended the Tanzanian government for its remarkable macro-economic stability. It had managed to stabilise the inflation rate at five per cent, economic growth rate at four per cent and to have very strong foreign exchange reserves which had risen three times to over $900 million. “By maintaining these fundamental economic indicators, unlike other countries, Tanzania’s future stood to be very bright in a few years’ time” he said.

The Swahili daily Majira reported that for the last ten years Britain has been the leader in the number and value of investment projects in Tanzania. The paper quoted a report by the Investment Centre (TIC) saying that between 1990 and 2000 there were 255 British projects followed by Kenya (92), India (60), USA (59), Canada (54), Germany (54), Italy (50), China (47) and the Netherlands (41).

‘News Africa’ (9th April) reported that one of the largest ever foreign investments in Tanzania had been finalised in the telecoms sector. A consortium of MSI Cellular and the German telecoms services company Detecom had finalised a strategic investment agreement worth US dollars 120 million with Tanzania Telecommunications Ltd (TTCL). The commitment was to improve the fixed network and expand the cellular network to at least 800,000 lines. MSI cellular had been licensed by 14 governments in Africa.

In what he described as a remarkable development, Tanzania Investment Centre Director Emmanuel Ole Naiko told the Guardian in January that, during the year 2000, parastatal divestitures had been finalised in the cases of the Container Terminal of the Tanzania Harbours Authority and the Dar es Salaam Airport Cargo Handling Company. Others which had reached advanced stages included the Tanzania Telecommunications Company Ltd and the Dar es Salaam Water and Sewerage Authority. Other enterprises whose preparations for divestiture were well under way included the Tanzania Electric Supply Company, Air Tanzania Corporation, Tanzania Railways Corporation, the National Insurance Corporation and the National Microfinance Bank. He was concerned that investors had shown little interest in the energy sector even though Tanzania was facing an acute shortage of power. Manufacturing industry however had attracted 725 projects in recent years followed by tourism with 233 and agriculture with 117 projects. He said that strenuous efforts were being made to promote the information technology, human resources development and services sectors.

KLM Royal Dutch Airlines is introducing daily flights to Tanzania from Amsterdam from 28th May, making it the first international airline to do so. KLM’s regional manager in Tanzania said that passengers had increased from 891 to 1,582 per week during the last year – East African.

Recent grants of AID to Tanzania have included: JAPAN – Shs 4.8 billion for food, debt relief and rehabilitation of the Makuyuni-Ngorongoro Road and THE BILL AND MELINDA GATES FOUNDATION through the AFRICAN YOUTH ALLIANCE – Shs 165 million for prevention of HIV amongst adolescents.

RSS feed for comments on this post · TrackBack URL

Leave a Comment

You must be logged in to post a comment.