PRIVATE SECTOR CONTRIBUTIONS TO MEGA INFRASTRUCTURE PROJECTS VITAL

Azania Bank Managing Director, Charles Itembe.

The private sector must endeavour to take part in the major infrastructure projects pioneered by the government to contribute to the country’s economic growth.

The Azania Bank Managing Director, Mr Charles Itembe said in Dar es Salaam over the weekend that for the private sector to play an active role in the government’s mega infrastructure projects, a wellorchestrated partnership among businesses will be required.

“We will need dialogue and constant consultations to guarantee continued partnership between banks and the business community… in my opinion, there is no plausible alternative to this approach,” he told members of Tanzania Chamber of Commerce, Industries and Agriculture (TCCIA) during their breakfast meeting over the weekend.

Some of the mega projects, being implemented by the government include the construction of the standard gauge railway line, the Uganda-Tanzania Crude Oil Pipeline as well as some natural gas and power projects.

He called upon TCCIA members to look beyond Tanzania if they are to grow, noting that Azania Bank, was well positioned to offer the required financial support to members of the business community who want to engage in international business.

Azania Bank, he said, has been engaging in the financing of international trade for a long time through provision of such services as Letters of Credit and through the Credit Guarantee Scheme (CGS).

“For a decade or so, we have been providing credit facilities under the CGS. Under the arrangement, we give loans and guarantees for securing farm implements to agricultural marketing cooperative societies and this has worked successfully,” he said, calling upon TCCIA members to go to the bank for discussions on how to exploit the product. TCCIA’s meeting at the weekend attracted about 100 people from the public and private sectors.

Daily News