DAR ES SALAAM'S COCO BEACH SET FOR MAJESTIC TRANSFORMATION

TIB Development Bank Managing Director, Peter Noni (right) briefs journalists in Dar es Salaam recently about a project that the bank is set to implement jointly with the City's Kinondoni Municipal Council. The idea is to develop the City's Coco Beach into a tourist destination. With him is Kinondoni Municipal Director, Mussa Natty.

TIB Development Bank and Kinondoni Municipal Council in Dar es Salaam have embarked on a project to develop recreational centres along the Oyster bay Beach popularly known as Coco Beach.

The proposed development that will run from the Lighthouse to the Sea Cliff parking lot is expected to improve welfare of Dar es Salaam residents for having access to splendid recreational area.

TIB will finance development of the infrastructure through its Corporate Social Responsibility (CSR) programmes and funds to be raised from other partners including the National Housing Corporation (NHC) and the UN Capital Development Fund (UNCDF).

Having built the infrastructure, the partners will go to the interested investors who will have to inject cash in line with their capacity and requirements under the Public Private Partnership (PPP) approach.

The TIB Development Bank Managing Director, Mr Peter Noni, said in Dar es Salaam recently that the execution of the project is part of the bank’s fulfillment of its CSR programmes in transforming public open spaces under local authorities.

“The project execution complements projects works that the government-owned and the first development bank is undertaking in collaboration with the local governments in town planning projects, markets, bus terminals and other infrastructure,” he said.

The bank’s partnership with Kinondoni Municipal Council to revamp the Oysterbay Beach began in 2013 and has since progressed from concept design through completion of the master plan and is now ready to proceed to the detailed design stage. So far, the project has consumed 260m/- from its concept design phase to completion of a Master Plan.

Of the money, TIB Development Bank sourced 86m/- while the NHC issued another 86m/-. The Kinondoni Municipal Council contributed 30m/- while the UN Capital Development Fund contributed 10,000 US dollars (about 21.5m/-).

Kinondoni Municipal Director Mr Musa Natty said the master plan was approved by the council in July and has been submitted to the Ministry of Lands.

After completion, the project is expected to generate around 17bn/- which is half of the council’s annual revenues. He said the area to be developed would remain a free open space to the general public and provide employment opportunities, boost domestic tourism and improve security in the area.

Going forward, TIB and the other partners in the project will now be required to source a total 6bn/- through various means including interested parties -- to build the required infrastructure for the project to kick off.

“Our goal is to try and make sure that the project is realised within five years,” said Mr Natty.

Daily News