Tanzania deepens ties with AIIB to boost infrastructure financing

Washington, D.C. Tanzania has strengthened its cooperation with the Asian Infrastructure Investment Bank (AIIB) in a diberate move to unlock new funding opportunities for key development projects across various sectors.

The development follows a meeting between the Minister for Finance, Mr Khamis Mussa Omar and the President of AIIB, Ms Zou Jiayi, held on the sidelines of the World Bank Group and IMF Spring Meetings in Washington, D.C.

Speaking during the meeting, Ms Zou said Tanzania remains a key partner of the Beijing-based lender and reaffirmed the bank’s commitment to supporting the country’s development agenda, particularly the implementation of the National Development Vision 2050.

She cited priority areas of cooperation as including standard gauge railway infrastructure, energy, water and communications, noting that such investments would help accelerate economic growth, reduce poverty and improve access to essential services.

In his remarks, Mr Omar invited the bank to partner with Tanzania in implementing projects for the expansion of the Port of Dar es Salaam, the construction of the Standard Gauge Railway (SGR), the development of the Mbegani–Bagamoyo Port and Zanzibar fishing ports, as well as initiatives to promote youth employment in the technology sector and other projects to be agreed upon by the two parties.

He also highlighted the importance of strengthening private sector participation through improved access to financing, noting that the sector is expected to contribute more than 70 per cent towards achieving Tanzania’s ambition of becoming a one trillion-dollar economy by 2050.

“The private sector must be empowered through access to capital so it can play a central role in delivering our development goals,” he said.

The minister further noted that Tanzania views AIIB as a strategic partner in diversifying sources of development finance and addressing climate change challenges, in line with the bank’s “Infrastructure for Tomorrow” initiative aimed at promoting sustainable infrastructure.

Tanzania became a non-regional member of AIIB as part of its broader strategy to expand financing options for priority projects and strengthen economic resilience.