EIB Global looks certain to extend Dar’s portfolio

THE European Investment Bank (EIB) Global looks certain to extend its 1.8tri/- investments portfolio, after positively facilitating several projects, including SMEs and strategic projects in the country.

The EIB Global Vice-President, Mr Thomas Ostros made the remarks during the bank’s officials visit to the Ministry of Finance aimed at discussing avenues to increase investment in the country.

“Our business model looks at ensuring that we work with the government in achieving shared development goals to improve citizens’ lives,” Mr Ostros said on Tuesday through a release:

“Our team from the regional hub in Nairobi is following up on a pipeline of project that we wish to support the government in actualising.”

This year, over 454bn/- have been dedicated to SMEs, focusing on investing in women-led projects in the country.

Furthermore, the bank signed its largest financing for the blue economy globally and dedicated over 267bn/- to smoothen projects in the country, which will boost the business sector.

Mr Ostros added that the bank has already facilitated over 28 projects to date, including the Lake Victoria Water and Sanitation Programme in Mwanza, Tanzania Electric Supply Company (TANESCO) Power Project, the modernisation of the Port of Dar es Salaam, and Kihansi Hydroelectric Power Plant.

EIB Global has signed over 1.8tri/- to support the government in public sector initiatives, as well as offering loans to the country’s commercial banks and microfinance institutions to boost the SMEs and private sectors in the country.

Of that amount, over 1.34tri/- has already been disbursed, with more set to be released as the projects kick off.

On the other hand, Mr Ostros stressed that the bank is currently preparing several new projects, including a solid waste management project in Tanga that is currently at a pre-feasibility study stage, aiming at reducing the amount of plastic wastes.

“This project is under EIB’s Clean Oceans Project Identification and Preparation (COPIP), which aims at reducing the amount of plastic wastes ending up in oceans in the coastal cities of Sub-Saharan Africa,” he said.

EIB Global is optimistic to work closely with the government to support investment in the public sector including the infrastructure, backing the private sector business investments through local and international banks and cooperating with large-scale corporate partners.

The Ministry of Finance Deputy Permanent Secretary – Public Finance Management, Ms Amina Shaaban, said EIB Global comes at the right time, when the country is currently updating its development visualisation.

“We welcome the EIB Global and the fruitful discussions we have had on their support for development projects we can cooperate on with them …It is happening at the right time as the country is currently updating the Development Vision 2050 from the current one which will end in 2025,” she said.

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