IFC motivates Tanzania on PPP project success

Photo: Courtesy of Finance Ministry

Ministry of Finance’s PS Amina Shaaban and IFC’s Amena Arif at 2024 the AfDB meeting in Nairobi, Kenya.

By Guardian Reporter , The Guardian

THE International Finance Corporation (IFC) has urged Tanzania to prioritize a few large, sustainable, and attractive investment projects in Public-Private Partnerships (PPP) to drive economic growth and development in the country

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This was conveyed after Amina Shaaban, the Deputy Permanent Secretary of the Ministry of Finance, on behalf of Dr. Natu Mwamba, the Permanent Secretary of the finance ministry, following discussions with IFC Resident Director, Amena Arif, during the 2024 Meetings of the Board of Governors of the African Development Bank (AfDB) in Nairobi, Kenya.

As per information from the finance ministry, Tanzania and IFC are scheduled to reconvene to assess ongoing PPP projects and select the most promising ones for the country’s overall development.

“For successful PPP project implementation, IFC recommends selecting sizable, sustainable projects that appeal to investors,” emphasized Natu.

She mentioned that IFC has pledged to maintain collaboration with Tanzania on various investment initiatives to ensure optimal benefits from projects implemented through the Government-Private Sector Partnership.

“As consultants, IFC has committed to further cooperation with Tanzania in executing projects for the construction of Phase Three and Four of the bus rapid transit system (BRT),” stated Natu.

Furthermore, the deputy permanent secretary stated that during the meeting, Tanzania and the Institute agreed to convene to determine the nature of projects that would contribute significantly to the country’s development.

On the other hand, Amena, expressed IFC’s pride in the ongoing partnership with Tanzania, affirming that this partnership ensures the timely and efficient execution of diverse projects.

According to her, collaboration between Tanzania and IFC has facilitated the implementation of infrastructure projects for the bus rapid transit system managed by the Bus Rapid Transit Agency (DART).

IFC, a member of the World Bank Group, is an international financial institution offering investment services, consulting, and project management to drive private sector development in developing nations.