African Bank Loans Tanzania Funds for Infrastructure Development

Stanbic Bank, a subsidiary of the pan-African Standard Bank Group, has loaned Tanzania 970 billion shillings ($600 million) to finance infrastructure improvements, Tanzania’s The Guardian reported Monday (April 15th).

“Stanbic’s aim in raising financing for infrastructure projects is vital for the country’s economic development and was achieved through targeted private placement note issue in offshore markets,” said Minister of Finance William Mgimwa.

The funds will go to projects in numerous sectors, including roads, energy and rail equipment. Investment in infrastructure is expected to make the greatest contribution to increasing Tanzania’s annual per capita growth.

“This deal represents a milestone in our ability to advise the government on how to access funds from capital markets,” said Stanbic Tanzania Managing Director Bashir Awale, adding that infrastructure development will create jobs and investment opportunities.


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Posted on : 30 Nov,-0001

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