Kudos TBL for venue project, keep up spirit

Saturday October 13 2018

Lack of standard sports infrastructure in Tanzania remains a perennial problem. The existing infrastructure can be counted on the fingers of one hand. This has been a hindrance to sports development in the country.

The only modern infrastructure that the country can boast of include the National Stadium, Uhuru Stadium, Indoor Stadium, Azam Complex, Kaitaba Stadium, Nyamagana, Jakaya Mrisho Kikwete (JMK) Park grounds, Gombani and Amaan Stadium.

Most of the remaining facilities are below standard to the extent that they make little contribution to the growth of sports activities.

However, in a move that is highly commendable, a few days ago, Tanzania Breweries Limited (TBL) in collaboration with the Kinondoni Municipal Council (KMC) launched a five-a-side ground project at Coco Plaza.

For years, the area was regarded as open space. It was also being used for training drivers. African Football star Samuel Eto’o launched the project which will see TBL through its Castle Lager beer spending not less than Sh400 million to complete the project in eight months.

The venue would be used by communities in the same manner the JMK Park at Mnazi Mmoja. The latter was developed with funding from Symbion Power and was launched in 2015.

We highly commend TBL and KMC for the initiative which we hope will spice up the development of sports in Tanzania. However, TBL and KMC have to make sure that they prepare a good programme so that the venue would be used for sports development.

It is no secret that there are many playing grounds in the country that need funding to bring them up to t standard. TBL has shown the way, it is time for other firms to emulate.

Let’s all cooperate to develop sports in the country.

IMPROVE FINANCIAL SECTOR

The financial sector is vital for economies – largely because banks, investment funds, insurance companies and real estate are needed for socioeconomic development.

Sadly, though, high credit rates hamper development of financial products and services in much of Africa.

Reports of a meeting in Nairobi beginning on October 25 to discuss accelerating financial sector development in Eastern and Southern Africa are most welcome. The three-day meeting aims at adopting a common roadmap for new initiatives on financial sector development. It will also take stock of the current state of reforms in the sector, and promote inclusion of the initiatives.

According to African Development Bank estimations, East Africa’s economic growth is relatively high, compared with the continent’s other sub-regions.

However, fiscal deficits and domestic resources gaps threaten the East African countries’ ability to significantly finance their developmental needs, as well as economic growth sustainability in the medium- and long-terms.

That is why it is important to promote leasing and factoring, as well as guarantee funds, crowdfunding, venture capital and non-financial support services as alternative instruments.

We hope that the Nairobi meeting will come up with better strategies to speed up financial sector development, stimulate economic growth and reduce poverty.