Tanzania calls for joint action to address shifting global financing trends

Business Reporter

Mwananchi Communications Ltd

Dar es Salaam. The Ministry of Foreign Affairs has called for urgent and collective efforts to address shifting global development and financing trends that could affect Tanzania’s ambitious Vision 2050.

Speaking at a high-level forum organised by the United Nations Capital Development Fund (UNCDF) Tanzania yesterday, the ministry’s director of Multilateral Affairs, Mr Noel Kaganda, underscored the stark imbalance in global spending priorities.

“While over $2.7 trillion is spent annually on security worldwide, only a small fraction of that amount could end hunger and provide essential healthcare for all,” he said.

The forum, convened in collaboration with the government and key development partners, brought together senior government officials, private sector leaders, diplomats, and civil society representatives to discuss innovative financing strategies to support Tanzania’s long-term development goals.

Discussions centred on practical approaches to mobilising resources through domestic revenue generation, public-private partnerships, foreign direct investment, and innovative financing tools such as municipal and green bonds. These, participants said, are key to funding projects that promote climate resilience, infrastructure, financial inclusion, and clean energy.

UN Resident Coordinator Ms Susan Nyamondo cited the Tanga UWASA Water Green Bond as a successful example of how innovative financing mechanisms can help accelerate the country’s development priorities.

National Planning Commission Executive Director Dr Fred Msemwa highlighted the crucial role of the private sector under the Dira 2050 framework, with the government serving as an enabler and risk mitigator.

Representatives from the Swedish Embassy and Gatsby Africa also emphasised the need for coordinated development efforts that leverage Tanzania’s unique competitive advantages instead of pursuing fragmented initiatives.

UNCDF showcased several ongoing projects demonstrating tangible impact across different sectors, reinforcing the importance of unified collaboration among the government, private sector, and development partners in turning Vision 2050 into reality.