TISEZA, Sterling Bank to advance Vision 2050

DAR ES SALAAM: THE Tanzania Investment and Special Economic Zones Authority (TISEZA) will present strategic investment priorities to Nigeria’s Sterling Bank under the Four-Year Development Plan (IV) of Vision 2050, seeking to strengthen regional financial ties and attract focused investment to fast-track Tanzania’s industrialisation.

TISEZA’s Acting Director of Investment Promotion, Mr George Mkono, made the remarks during the recent discussions in Lagos, Nigeria with Sterling Bank CEO, Mr Abubakar Suleiman, highlighting the Authority’s intent to engage regional financiers in advancing the country’s development agenda.

“Beyond investment, our discussions explored opportunities in healthcare, education, agriculture, renewable energy, transport, digital innovation and cross-border payments through Pan-African Payment and Settlement System (PAPSS), all critical to driving inclusive and sustainable growth,” he said.

This engagement is critical to the implementation of Tanzania’s Vision 2050, as it aligns investment mobilisation with the country’s long-term development priorities particularly industrialisation, export growth and job creation.

By partnering with regional financiers like Sterling Bank, TISEZA is not only expanding the pool of capital available for transformative projects in SEZs and EPZs, but also reinforcing the role of regional integration and private sector participation as key enablers of sustainable economic growth.

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One of the notable deals reached was the TISEZA agreement with Sterling Bank to fast-track funding arrangements for strategic projects within Special Economic Zones (SEZs) and Export Processing Zones (EPZs), leveraging private sector participation through mechanisms such as Public-Private Partnerships (PPPs).

This collaboration marks a pivotal step in mobilising regional capital for Tanzania’s industrial hubs, with PPPs positioned as a catalyst to unlock large-scale infrastructure, logistics and value-added manufacturing investments within SEZs and EPZs.

As part of their discussions, TISEZA and Sterling Bank agreed to collaborate on financial services, with Sterling Bank set to partner initially with Tanzania Commercial Bank (TCB).

Mr Mkono noted ongoing talks to establish an ICT Hub and training centre, particularly in Zanzibar and highlighted plans for Sterling Bank to engage with Tanzania’s tourism sector on the Tourista Platform.

Separately, the Tanzanian delegation met with Managing Director of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona to strengthen trade and investment ties between Tanzania and Nigeria.

Dr Almona expressed optimism about Tanzania’s economic prospects and emphasised leveraging natural resources to enhance bilateral cooperation for mutual benefit.