Tanzania | - Part 10

Tanzania awards $9 bln rail projects to Chinese companies

DAR ES SALAAM, Tanzania (Capital Markets in Africa) – Tanzania has awarded contracts to build new railway lines worth about $9 billion to Chinese firms, its transport minister said, expanding Beijing’s presence in East Africa’s second-biggest economy. Transport Minister Samuel Sitta told parliament on Saturday a Chinese consortium had been awarded a contract to build a 2,561 km (1,536 miles) standard gauge railway connecting Dar es Salaam port to land-locked neighbours at a cost of…

AfDB funds USD 70.5 million for Tanzania’s power sector reform and governance support programme

Posted on by The Editorial Team

Dar Es Salaam, Tanzania (Capital Markets in Africa):– Power sector reform and a governance support programme are central to the African Development’s actions to accompany Tanzania’s economic growth. It is in line with this, that the Permanent Secretary in the Ministry of Finance of the United Republic of Tanzania, Servacius Likwelile and the African Development Bank’s Vice-President, in charge of Agriculture, Water, Human Development, Governance and Natural Resources, Aly Abou-Sabaa signed a USD 70.5 million loan accord…

Taming the dollar as regional currencies take a beating

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Nairobi, Kenya (Capital Markets in Africa):- The strengthening of the dollar against other currencies has sent East Africa central banks back to the drawing board, after enjoying two years of stability, according to The East African News. The Newspaper further reported that Central banks are now making plans to protect their shillings from a free fall that has already induced inflationary pressure and increased the cost of servicing debts for governments and corporates. As a…

Tanzania signs up for customs deal alongside Kenya, Uganda and Rwanda

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Dar es Salaam, Tanzania (Capital Markets in Africa):- Tanzania has joined Kenya, Uganda and Rwanda in fast tracking the movement of goods along the main corridors (Northern and Central) under the customs seals in the COMESA region. This follows the signing of an inter-surety agreement by Tanzania’s National Insurance Corporation (NICT) to join the COMESA Regional Transit Guarantee (RCTG) scheme thereby allowing the country to issue regional customs bond guarantees. The RCTG Scheme is a customs transit…

Poking the Panda does not serve EAC

Posted on by The Editorial Team

The Tanzania government recently revealed that total Chinese investments in the country had surpassed $4 billion. China, the home of the Giant Panda, has indeed become a reliable ally in helping develop several African countries. True, there maybe one or two differences here and there, especially when it comes to competing with local traders and industrial relations, but on the whole relations have not been too bad. More important, the Chinese continue to be generous…

East African traders want barriers removed

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Kigali, Rwanda (Capital Markets in Africa):- East Africa’s private sector is pushing Rwanda and Tanzania to dismantle the remaining trade barriers according to the East African News. Importers and exporters alike say the barriers are negatively affecting the competitiveness of the Central Corridor by increasing transport costs as a result of delays. These sentiments were voiced recently at a round-table organised by Rwanda’s Ministry of East African Community Affairs about the removal of non-tariff barriers…

Tanzanian finmin says shilling to stabilise on loan inflows

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s shilling is expected to stabilise in the next few days after it broke through a series of record lows against the dollar, the finance minister said. The shilling has lost 15 percent of its value against the greenback this year, mainly due to a firmer dollar and lower prices of gold in global markets. The currency of east Africa’s second largest economy traded the shilling at 1,988/1,998 per dollar…

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