Zanzibar. Zanzibar has significantly enhanced its financial stability and creditworthiness, with its ‘Special Account for Debt Servicing’ now holding $350 million.
The figure was announced by the President of Zanzibar and Chairman of the Revolutionary Council, Dr Hussein Ali Mwinyi, during a ceremony at State House for the signing of three major strategic project agreements.
President Mwinyi hailed the achievement as a major success, demonstrating the government’s strong financial discipline and bolstering the island’s economy.
The accumulated funds enable Zanzibar to secure loans more easily and, crucially, to fund major strategic development projects using domestic resources.
The President revealed that the government has implemented a rigorous system of saving $15 million, equating to $180 million annually.
This consistent policy has increased financial institutions’ confidence in Zanzibar and improved its capacity for timely debt repayment.
He noted that this prudent financial management has empowered the government to execute large-scale projects through ‘self-reliance’, thereby building a resilient economy.
The three projects, whose agreements were signed at the ceremony, are expected to resolve long-standing challenges in the archipelago.
These include persistent water scarcity in South Unguja, prolonged land disputes, and the high cost of cancer treatment.
The President emphasised that citizens will now access these essential services within Zanzibar, reducing the need to travel abroad for costly medical care.
The contracts were formalised with various local and international partners.
For the Zanzibar Land Administration and Registration Integrated System (LARIS), the agreement was signed between CEO of CRDB Bank, Mr Abdulmajid Mussa Nsekela, and Vice President of Trade Finance at BPI France, Ms Alienor Daugreilh.
The South Unguja Regional Water Supply Project saw the Revolutionary Government of Zanzibar represented by Principal Secretary of the Ministry of Water, Energy and Minerals, Mr Joseph John Kilangi, and, Executive Director of Next Health Digital Solution BV from the Netherlands, Mr Subrahmanyam Yadavalli.
Finally, the contract for the construction of the Binguni Cancer Care Centre was formalised by, Principal Secretary of the Ministry of Health, Dr Mngereza Mzee Miraji, and, Board Chairman and Director of the Aegle Onco Care Centre Limited, Dr Diara Pankaj Wadhwa.
