SDGs: VP stresses private sector engagement

VICE- PRESIDENT, Dr Philip Mpango has underscored the role of the private sector in attaining the Sustainable Development Goals (SDGs) in the world.

Dr Mpango spoke of role and importance of the sector on Wednesday  at the High-level Dialogue on Financing for Development which aimed at finding  a solution for achieving the SDGs at 78th UN General Assembly (UNGA 78) in New York, United States.

The VP said it was important for countries to focus on setting up policies that are friendly for the private sector so as to attract the sector to participate in the implementation of SDGs.

He added that the latest report of African Economic Outlook (AEO 2023) on alternative financing clearly states that the private sector is one of the important stakeholders in achieving the SDGs.

However, the VP said through regional and international cooperation, Tanzania has succeeded in having various funding methods that are friendly to the private sector, including creating SDGs investor map.

He noted that in the improvement of infrastructure, Tanzania has used the Engineering, Procurement, Construction and Financing [EPC+F) method to increase private sector financing for the construction of transport infrastructure.

On the other hand, Dr Mpango mentioned other funding methods in the country including the green bond worth 300 million US dollars issued by the CRDB Bank which finances environmentally friendly projects for climate change adaptation in the infrastructure sectors, alternative energy, industry, construction and water supply.

The VP said the Central Bank of Tanzania (BoT) has initiated a procedure to provide loans to commercial banks for lending farmers at an interest rate not exceeding nine per cent as a result of cooperation between the public and private sectors in increasing the speed of economic revitalisation and raising the income of the people.

He said the cooperation programmes have also brought productivity, including the increase of the loans from private sectors in the agricultural sector from 7.3 per cent in July 2021 to 46.4 per cent in July 2023.

On Tuesday, Dr Mpango implored the international community to closely collaborate with Tanzania in financing the country’s Water Investment Programme (TanWIP) at the launch of the International High-Level Panel on Water for Africa Campaign: Mind the Gap-Invest in Water held at the sidelines of the 78th session of UNGA 78.

He said the government  is committed to implement the TanWIP, which starts from next year until 2030. The programme is aimed at bridging the water investment gap in the country.

The goal of the campaign is to mobilise at least 30 billion US dollar annually by 2030 to close the water investment gap in Africa for the achievement of the water related SDG targets on the continent.

Dr Mpango, who is representing  President Samia Suluhu Hassan at UNGA 78, said the TanWIP requires a total of 15.2 billion US dollars (about 38tri/-) for its implementation, adding that its completion will ensure national water security, climate change resilience and access to adequate water in the country.

“Tanzania commits to direct domestic resources up to 43 per cent of the total budget of the programme to ensure national water security and investment for climate resilience.

“We call upon the international community to collaborate with us in mobilising the remaining 57 per cent to close the water investment gap,” Dr Mpango was quoted as appealing.

In particular, Dr Mpango noted that the successful implementation of the programme as well as   monitoring and evaluation requires collaboration and participation of various stakeholders including public sector players, development partners, private sector, local banks, civil society organisations (CSOs) as well as research and academic institutions.

Dr Mpango also elaborated that the programme has four main components including the water investments for social wellbeing to cost us 6.7 billion US dollars (about 16.8tri/-), water investment for sustainable development goals 7.14 billion US dollars (17.9tri/-).

 

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