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...
Somalia has officially become the eighth member of the East African Community (EAC), marking a significant development in the regional trade bloc. The announcement was made during a summit in Tanzania by the outgoing EAC chair, Burundian President Evariste Ndayishimiye. The EAC, founded in 2000, is dedicated to promoting trade by eliminating customs duties among...
The Rural Energy Agency (REA) reported a surge in applications for loans to establish rural filling stations, but only a handful made the cut. Of the 176 applications received after closing the tender in August, only 26 were deemed fit to proceed to the next round after scrutinization. The REA, aiming to reduce risks associated...
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...
In a remarkable demonstration of Tanzania’s growing economic influence on the global stage, President Samia Suluhu recently attended the Saudi Arabia-Africa Summit in Riyadh. The summit, which attracted numerous African nations, provided a platform for fruitful discussions with directors of various Saudi Arabian companies across industries such as manufacturing, agriculture, mining, livestock, tourism, and energy....
In a significant stride towards sustainable energy solutions, 44 clean cooking energy enterprises have earned grant funding from the CookFund program, a venture funded by the European Union (EU) and managed by the UN Capital Development Fund (UNCDF). The grants, totaling 9.4 billion Tanzanian Shillings, mark the successful conclusion of the program’s second call for...
In a heart-wrenching turn of events, the Tanzanian Ministry has confirmed the demise of Mr. Clemence Felix Mtenga, a vibrant Tanzanian youth, amidst the chaos that unfolded during the clashes on October 7, 2023, in Israel and the Palestinian territories, specifically Gaza. The news was met with profound sorrow and regret by the authorities, as...
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...
In a visionary move, Minister of Foreign Affairs and East African Cooperation, January Makamba, is calling on Tanzanians worldwide to join the Diaspora Digital Hub. Speaking during a meeting in the Netherlands, Makamba emphasizes the initiative’s goal of integrating the diaspora into Tanzania’s development plans. The Tanzanian Government unveiled its plans in March 2023 to...
In the fiscal year ending September, private sector credit expansion decelerated to 19.5%, showcasing a noteworthy shift from the 22% recorded in the previous year. This downtrend is attributed to the favorable business environment fostered by comprehensive reforms. The Bank of Tanzania, in its October economic review, highlighted the role of supportive monetary and fiscal...