East Africa will register the highest regional economic performance on the continent in 2023 and 2024, with growth figures at over 5 per cent, according to the newly published African Development Bank 2023 East Africa Economic Outlook. The report, launched on Thursday, 27 July, projects mid-term economic growth in the region to accelerate to 5.1%...
The UTT AMIS fund’s historic growth of 184.94% over two years reflects a positive economic climate and effective management strategies. The fund’s increase from TZS 539.0 billion to TZS 1.53 trillion between March 2021 and June 2023 highlights its exponential expansion, making it the fastest-growing collective investment scheme in the East African region. The growth...
Amidst the gradual recovery of air transport services from the devastating impact of the COVID-19 pandemic, a significant breakthrough has been achieved in rejuvenating the aviation industry. In a recent bilateral summit held in a serene location in Moscow, experts from the Governments of the United Republic of Tanzania and the Russian Federation convened with...
On June 10, 2023, the Tanzanian government signed and approved the Intergovernmental Agreement (IGA) with Dubai to develop the Dar es Salaam Port. This agreement paved the way for further procedures, including the concession agreement, which would facilitate cooperation between the Tanzania Ports Authority (TPA) and DP World, a multinational logistics company based in Dubai,...
In a video posted on the Russian mercenary group’s telegram channel, Prigozhin says his troops are leaving Ukraine to concentrate on Africa. He had not spoken since 24 June, in the wake of his rebellion against Vladimir Putin’s regime. In a video published on 19 July on the Wagner group’s Telegram Channel, Prigozhin announced that...
Tanzania Railways Corporation (TRC) is finalizing its long-term plan to kick-start the mega standard gauge railway project that will link Mtwara Port and the neighbouring Southern Africa Development Community (SADC) countries. This will be the third phase of the SGR railway line to be built in the country after the first one, which starts from...
The European Investment Bank (EIB) has shown interest in expanding its investment portfolio in Tanzania due to the government’s efforts to improve the business climate and stimulate investment in the country. Representatives from the EIB’s regional hub for Eastern Africa visited Tanzania’s Ministry of Finance and Planning, as well as other partners such as the...
Tanzania’s private sector has experienced robust growth in credit extension, driven by improved business conditions and supportive fiscal and monetary policies, as the Bank of Tanzania (BoT) reported in its Monthly Economic Review for June 2023. In May 2023, private sector credit exhibited a significant year-on-year growth of 22.5%, compared to 15% in the same...
According to the Iranian envoy, trade between Iran and Tanzania has witnessed significant growth. In the fiscal year 2021/22, Tanzania’s imports from Iran increased by 35 per cent compared to the 2019/20 financial year, amounting to goods worth $35 million (Sh82.25 billion). Conversely, Iran’s exports to Tanzania during the same period reached $95 million (Sh223.25...
The latest Henley Passport Index, a Global passport ranking, has placed the Tanzanian passport in the second position scoring 101 trailing behind the Kenyan passport, which was placed in the 98th position. The Kenyan passport has dropped its position in the latest Index ranking, despite recent efforts by the government to secure more friendly bilateral ties,...