Tanzanian Finance Minister Ambassador Khamis Mussa Omar has led a delegation in Bangkok, Thailand, to meet with International Finance Corporation (IFC) Vice President Ethiopis Tafara. They discussed strategies to boost private sector development and create jobs for young people.
The talks centred on Tanzania’s DIRA 2050 development vision, which aims to grow the nation’s economy from $100 billion to $1 trillion within 25 years. Ambassador Omar highlighted that achieving this goal will require increased private sector involvement in manufacturing, infrastructure, and agribusiness. He noted that investment in these areas is vital for economic growth and generating sustainable jobs for youth.
Tafara confirmed that the IFC, part of the World Bank Group, will continue to assist Tanzania in reaching its DIRA 2050 objectives, focusing on encouraging private investment in agricultural technology, healthcare, tourism, and financial inclusion.
He also indicated the IFC’s commitment to aiding the Tanzanian government’s Central Corridor project, which aims to boost regional economic activity through improved transport of goods and passengers.
A key topic was the financing challenges faced by small and medium-sized enterprises (SMEs). The IFC plans to collaborate with fintech companies and non-bank lenders to enhance credit access by evaluating borrowers’ creditworthiness through behavioural data, rather than relying solely on traditional collateral.
Both parties reaffirmed their dedication to accelerating ongoing projects, especially in energy and digital infrastructure, to enhance Tanzania’s economic development.
