LONDON: TANZANIA and global financial giant Citibank have renewed discussions on expanding access to international capital markets, financing strategic infrastructure projects and attracting private sector investment as the country accelerates implementation of its long-term development agenda.
The discussions were held in London between Tanzania’s Finance Minister Ambassador Khamis Mussa Omar and senior Citibank executives led by Akin Dawodu, Chief Executive Officer responsible for Sub-Saharan Africa, during the minister’s official visit to strengthen cooperation with global financial institutions and investors.
During the meeting, the leaders reviewed the long-standing partnership between Tanzania and Citibank, which began operations in the country in 1995, while focusing on Tanzania’s creditworthiness in global financial markets, preparations for the country’s first planned Eurobond issuance, Export Credit Agency (ECA) financing, infrastructure development, capital market reforms and private sector investment promotion.
During the meeting, which was also attended by Tanzania’s High Commissioner to the United Kingdom Ambassador Mbelwa Kairuki and Commissioner for Government Debt Management at the Ministry of Finance Japhet Justne, Ambassador Omar highlighted recent economic developments in the country pointing out increased electricity generation capacity, rehabilitation of the ports of Dar es Salaam, Tanga and Mtwara, as well as expansion of air transport infrastructure as key drivers supporting economic growth and investment.
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Additionally, the minister informed the officials that the implementation of the National Development Vision 2050 officially began in July 2026, with the ambitious goal of transforming Tanzania into a 1 trillion US dollars economy within the next 25 years, a target that will require about 70 per cent of investments to come from the private sector.
Ambassador Omar also said negotiations with investors on the 42bn US dollars Liquefied Natural Gas (LNG) project have reached an advanced stage, with the government and investors reaching agreement on the main operational framework.
“The project is expected to move into implementation once remaining internal matters among partners are concluded, marking a major milestone in Tanzania’s ambition to unlock the economic potential of its natural gas resources.,” he said.
In their discussions, Citibank reaffirmed its commitment to supporting Tanzania’s efforts to access international capital markets, expand domestic capital markets and connect the country with investors from Europe, the United States, the Middle East and Asia.