Citibank pledges support for SGR
February 1, 2022
01
Feb 2022
By Guardian Reporter
Dodoma
News
The Guardian
Citibank pledges support for SGR
CITI Bank has pledged to provide Tanzania with loans on more favourable terms for implementation of its strategic construction projects including the Standard Gauge Railway (SGR).
Akinsowon Dawodu, the cluster head for the bank in Sub-Saharan Africa, issues this affirmation here yesterday during a meeting with the Minister for Finance and Planning, Dr Mwigulu Nchemba, also promising to act as ambassador in convincing investors to initiate technological projects in the country.
“We know that Tanzania is constructing a standard gauge railway from Dar es Salaam to Mwanza; which will also connect with Rwanda, Burundi and the Democratic Republic of Congo (DRC). We have submitted our proposal as we want to assist the government to secure loans from regional and international financial institutions,” the bank executive noted.
Citibank (T) CEO Geofrey Mchangila said the bank has been operating in the country for 27 years, assisting the government to secure funds and issuing low interest loans.
The minister commended the bank for submitting the proposal saying completion of the SGR project will see Tanzania benefiting economically and easing trade for landlocked countries in the neighbourhood.
The government has already assigned a contractor for construction of Makutupora – Tabora line, while the contractor for Isaka to Mwanza section has already started work, he specified, stating that the Isaka—Tabora line contractor will be announced shortly.
He said the government wants to see the country connected from all corners, highlighting that President Samia Suluhu Hassan wishes to see the construction of a southern railway route that connects Mtwara port and Mbambabay on the shores of Lake Nyasa. When completed, the southern line will connect Tanzania with countries in the Southern Africa Development Community (SADC) bloc, he said.
The minister touted the country as an excellent investment destination due to peace plus a reliable and fast growing domestic and regional market.
“There are a number of factors for us being the best option for investors in Africa, like our geographical position plus prevailing peace and tranquility. Investing in Tanzania would enable manufacturers to reach a wider regional market within SADC and Sub-Saharan Africa generally,” he declared.
There is a reliable market in Tanzania for many products due to the size of the population and stable economic growth, with the country having maintained positive economic growth even after the outbreak of the COVID—19 pandemic resulting in an economic crunch felt around the world, he added.