Tanzania credits Citibank’s support in boosting economy

NEW YORK: TANZANIA has acknowledged the support of New York-based Citibank in building the national economy through loan provisions and funding major projects currently underway in the country.

Prime Minister Kassim Majaliwa expressed the country’s appreciation on Tuesday after meeting Citigroup Board Chairman John Dugan at the bank’s headquarters located in New York City, US.

The Premier said that the government has been working with Citibank for more than 35 years and has been receiving financial advice through the Bank of Tanzania (BoT).

“The Tanzanian government appreciates the support by Citibank; it has been instrumental in building the national economy by ensuring the availability of loan funds, providing financial advice to the government and funding major ongoing projects in the country,” Majaliwa said.

He said the bank has been providing loans to companies constructing the Standard Gauge Railway (SGR) to ensure it contributes to Tanzania’s economy. The Bank has also taken one SGR lot and financed its construction as well as the development of Pemba Airport in Zanzibar.

Mr Majaliwa said that when the country faced a shortage of fuel for machinery and vehicles, Citibank was used to help traders access the commodity at affordable prices.

The PM said that, in addition to providing economic advice, Citibank, in collaboration with the US International Development Finance Corporation, also offered loans to small-scale traders, with priority given to women and young girls who own businesses.

Mr Dugan pledged to continue cooperating with the government on various development initiatives, as Citibank has done for the past 40 years.

Mr Majaliwa is in the USA to attend the 79th United Nations General Assembly (UNGA79) on behalf of President Dr Samia Suluhu Hassan.

He is scheduled to address the UNGA79 on September 27, this week entering the country’s history as the second Prime Minister to address the international body after ex-Premier Mizengo Pinda, who also addressed the UNGA65 on September 27, 2010.

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Last Sunday, Mr Majaliwa addressed the plenary meeting of the Summit of the Future as part of the 79th United Nations General Assembly (UNGA79) by emphasising the importance of global and regional partnerships in strengthening climate action, peace and equitable access to socio-economic opportunities in the digital era.

He urged the international community to fulfill its commitments regarding climate finance and technology transfer.

Citing Tanzania’s efforts in supporting global efforts towards sustainable development, he said the country is committed to global climate action.

“Tanzania believes that global and regional partnerships are vital for achieving our shared goals. No nation can tackle global issues alone; therefore, multilateral cooperation is critical,” Mr Majaliwa said.

The UNGA79 agendas are centered around trade, energy, economic development, environment, health, youth and children’s issues, the digital revolution and the effects of climate change.

Prior to attending the opening ceremony on Saturday, Mr Majaliwa met the UN Secretary-General, Mr António Guterres in New York, where they held talks on cooperation between Tanzania and the UN.

The two leaders discussed various issues pertaining to defence, security and socio-political development.

Briefing media outlets shortly after the conversation with the UN boss on Saturday, Mr Majaliwa said they discussed the importance of improving citizens’ living standards by strengthening the availability of social services.

In another development, he said the UN’s Secretary-General, Mr Guterres, commended Tanzania’s historic roles in liberating many African countries, especially those in the Southern Africa Development Community (SADC).