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| Minister for Finance, Hon. Ambassador Khamis Mussa Omar (MP) (left), greets Citibank's Chief Executive Officer for Sub-Saharan Africa, Mr. Akin Dawodu, during his official visit to London, United Kingdom, aimed at strengthening cooperation with international financial institutions and investors. |
London | July 27, 2026
Tanzania has taken another significant step towards strengthening its access to international capital markets after the Minister for Finance, Ambassador Khamis Mussa Omar (MP), held high-level strategic discussions with senior executives of Citibank during his official visit to London.
The meeting, led by Akin Dawodu, Citibank's Chief Executive Officer for Sub-Saharan Africa, focused on expanding the long-standing partnership between Tanzania and the global financial institution while exploring new opportunities to mobilise international investment and financing for the country's ambitious development agenda.
Long-Standing Partnership Reviewed
The discussions reviewed the strong relationship between Tanzania and Citibank since the bank established operations in the country in 1995. Both sides explored a broad range of strategic issues, including Tanzania's sovereign credit profile, preparations for the country's inaugural Eurobond, export credit agency (ECA) financing, infrastructure development, capital market reforms, and strategies to encourage greater private sector investment.
Citibank reaffirmed its commitment to supporting Tanzania in accessing global capital markets while strengthening the domestic capital market. The bank also pledged continued collaboration in connecting Tanzania with institutional investors across Europe, the United States, the Middle East, and Asia, alongside supporting financing for strategic infrastructure projects.
Tanzania Highlights Strong Economic Progress
The meeting was also attended by Tanzania's Ambassador to the United Kingdom, Ambassador Mbelwa Kairuki, and the Commissioner for Government Debt at the Ministry of Finance, Japhet Justine.
During the discussions, Ambassador Omar highlighted Tanzania's recent economic achievements, including the significant expansion of electricity generation capacity, ongoing modernisation of the Dar es Salaam, Tanga, and Mtwara ports, and continued investment in aviation infrastructure.
He noted that the country's long-term development agenda, Development Vision 2050, officially entered implementation in July 2026. The strategy aims to transform Tanzania into a US$1 trillion economy over the next 25 years, with approximately 70 percent of the required investment expected to come from the private sector.
LNG Project Nears Major Milestone
The Finance Minister also provided an update on Tanzania's long-awaited US$42 billion Liquefied Natural Gas (LNG) project, revealing that negotiations with investors have been substantially concluded.
According to Ambassador Omar, the Government and project investors have reached agreement on the project's principal operational framework, with implementation expected to commence once the remaining internal processes among project partners are completed.
Tax and Business Environment Reforms Continue
Addressing Tanzania's ongoing reform agenda, Ambassador Omar explained that President Dr. Samia Suluhu Hassan established two special commissions—one to review the business environment and another to assess the country's tax system.
The tax reform commission submitted 284 recommendations aimed at improving Tanzania's tax framework, which the Government is currently implementing.
He emphasised that future reforms will focus on broadening the tax base, strengthening tax administration, and increasing domestic resource mobilisation rather than imposing additional tax burdens on businesses and citizens.
Proposal for Strategic Partnership
To deepen collaboration, Ambassador Omar proposed establishing a formal strategic partnership framework between Tanzania and Citibank.
The proposed framework would cover cooperation in public capital markets, infrastructure financing, export credit agency financing, investor relations, domestic capital market development, private sector investment promotion, and continued improvements to tax governance.
The discussions reflect Tanzania's growing efforts to position itself as an attractive investment destination while strengthening relationships with leading international financial institutions capable of supporting the country's long-term economic transformation.
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