Dar es Salaam. The Tanzania and the International Finance Corporation (IFC) have reaffirmed their commitment to strengthening cooperation aimed at promoting private sector growth, investment and sustainable economic development for mutual benefit.
The commitment was underscored during talks between the Minister for Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo, and the IFC Regional Director for Eastern Africa, Mary Porter Peschka.
The meeting took place at the Ministry’s sub-office in Dar es Salaam.
During the discussions, Amb Kombo commended the significant contribution made by the IFC in strengthening the financial sector in Tanzania.
He highlighted the corporation’s support to major commercial banks, including NMB Bank Plc, CRDB Bank Plc and NBC Bank Tanzania.
He said the partnership has expanded access to credit and capital across the country.
He noted that the support has been instrumental in empowering small and medium-sized enterprises.
He added that the availability of financing has enabled entrepreneurs to expand operations and improve productivity.
The government also acknowledged the IFC’s contribution to infrastructure development in the country.
Mr Kombo cited advisory support provided by the corporation to strategic projects, including the Dar es Salaam Bus Rapid Transit (BRT) system.
He said such support has enhanced efficiency in urban transport and improved access to essential services.
He further noted that IFC participation in agribusiness and industrial sectors has supported value addition to agricultural produce.
He said these initiatives have contributed to job creation and improved livelihoods for Tanzanians.
Mr Kombo emphasised that the government continues to prioritise the private sector as a key driver of economic growth.
He said this approach aims to accelerate industrialisation and promote value addition to locally produced goods.
He added that these efforts are aligned with the country’s long-term national development aspirations towards 2050.
For her part, Ms Peschka commended Tanzania for the effective implementation of projects supported by the IFC.
She said the corporation remains committed to deepening collaboration with the country across several sectors.
She noted that future cooperation will focus on expanding the use of technology and strengthening professional capacity.
She added that building a skilled workforce will help improve productivity in sectors such as manufacturing, agriculture and strategic infrastructure development.
Ms Peschka reaffirmed the IFC’s readiness to continue supporting Tanzania’s development agenda.
She said sustained collaboration between the government and development partners remains essential for fostering a resilient private sector and attracting long-term investment.
