EACOP (East African Crude Oil Pipeline) has successfully delivered 339 houses as part of its housing replacement initiative in Songakibaoni Village, Muheza, Tanga Region. Wendy Brown, the EACOP General Manager for Tanzania, highlighted the significance of this housing program in supporting households affected by land acquisition, emphasizing the collaboration with local contractors to empower communities...
In its recent release of the Africa Trade Barometer 2023 report, the Standard Bank Group presents a comprehensive analysis of trade dynamics across the African continent, drawing insights from the experiences of businesses in ten key economies. The report, a valuable resource for various stakeholders such as businesses, entrepreneurs, students, governments, NGOs, and investors, sheds...
Standard Chartered Bank Kenya Ltd. shrunk its holdings of the East African nation’s government securities by 52% at a time when the investments are drawing attractive returns. The huge decline came as a surprise as the lender even took a trading loss of 2.3 billion shillings ($15 million) on the investments, Sterling Capital said in...
In a notable development, the Tanzania Bureau of Standards (TBS) has recently granted 145 certificates and licenses to manufacturers who have met the stringent criteria for product quality between June and November this year. This recognition underscores the commitment of these producers to adhering to required standards, facilitating their access to both regional and global...
This comprehensive view provided by the DP World CEO underscores Tanzania’s emerging role as a gateway to African trade, highlighting the importance of infrastructure development and international collaboration in realizing this vision. This insight follows the recent 30-year concession agreement with the Tanzania Ports Authority for the Port of Dar es Salaam. Bin Sulayem highlighted...
Tanzania’s foreign currency situation is expected to continue improving, thanks to various factors. Foreign exchange inflows from tourism, export crops, and minerals, along with measures implemented by the Bank of Tanzania (BoT) and the government, contribute to this positive trend. According to the latest statement from the Monetary Policy Committee (MPC) released by the Central...
The Monetary Policy Committee (MPC) of the Central Bank has reported that the national income of mainland Tanzania has experienced satisfactory growth rates, reaching 5.4% and 5.2% in the first and second quarters, with an expectation of achieving an estimated growth rate of 5.3% for the year 2023. For Zanzibar, there was a remarkable growth...
Tanzania’s current account deficit narrowed to $4.02 billion in August this year compared to $4.26 billion recorded during the preceding month of July, according to the Bank of Tanzania (BoT) Monthly Economic Review for September. “Notwithstanding the shocks, the current account balance has improved, attributed to heightened seasonal earnings from tourism activities,” the Central Bank...
In a significant step towards advancing its economic development and infrastructure initiatives, Tanzania has officially become a member of the Asian Infrastructure Investment Bank (AIIB). The milestone was achieved during the AIIB’s eighth Annual Meeting in Sharm El Sheikh, Egypt, where the applications of three economies, including El Salvador, Solomon Islands, and Tanzania, were approved...
In a significant diplomatic move, the President of the United Republic of Tanzania, Her Excellency Samia Suluhu Hassan, is poised to embark on an official visit to India from October 8th to October 11th, 2023. This visit comes in response to an invitation extended by the President of the Republic of India, Her Excellency Droupadi...