LONDON: Tanzania is now working to unlock international financing for its ambitious development agenda after renewing high-level talks with global banking giant Citibank on expanding access to global capital markets, funding strategic infrastructure projects and attracting private sector investment.
The discussions took place in London between Tanzania’s Minister for Finance, Ambassador Mr Khamis Mussa Omar, and senior Citibank executives led by Akin Dawodu, Chief Executive Officer for Sub-Saharan Africa, during the minister’s official visit aimed at strengthening partnerships with international financial institutions and global investors.
The meeting centred on deepening the long-standing partnership between Tanzania and Citibank, which has operated in the country since 1995, with particular focus on Tanzania’s access to international capital markets, preparations for its inaugural Eurobond issuance, Export Credit Agency (ECA) financing, infrastructure investment, capital market reforms and strategies to attract greater private sector participation in the economy.
Ambassador Omar outlined Tanzania’s recent economic progress, highlighting increased electricity generation capacity, the rehabilitation and expansion of the ports of Dar es Salaam, Tanga and Mtwara, and major investments in air transport infrastructure as key factors strengthening the country’s investment climate and economic competitiveness.
The meeting was also attended by Tanzania’s High Commissioner to the United Kingdom, Ambassador Mbelwa Kairuki, and the Commissioner for Government Debt Management in the Ministry of Finance, Mr. Japhet Justine.
The Finance Minister also informed Citibank executives that implementation of the National Development Vision 2050 officially commenced in July 2026, setting the country on a path towards building a US$1 trillion economy over the next 25 years.
He noted that achieving the ambitious target will require approximately 70 per cent of total investment to come from the private sector, making stronger links with global financial markets and international investors essential.
Ambassador Omar further revealed that negotiations on the US$42 billion Liquefied Natural Gas (LNG) project have reached an advanced stage, with the government and investors having agreed on the project’s principal operational framework.
“The project is expected to move into implementation once the remaining internal matters among partners are concluded, marking a major milestone in Tanzania’s efforts to unlock the full economic potential of its natural gas resources,” he said.
Citibank reaffirmed its commitment to supporting Tanzania’s efforts to access international capital markets, deepen the domestic capital market and connect the country with institutional investors across Europe, the United States, the Middle East and Asia, reinforcing confidence in Tanzania’s long-term economic prospects.