Wednesday, June 12, 2024
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Tanzania: Zanzibar Secures Ꞓ400 Million Deal to Develop Key Projects

Zanzibar — Zanzibar has secured EUR 400 million (about 1.04tri/-) loan to fund the development of Pemba airport and several key roads din the Isles.

The deal was signed on Tuesday evening by the State Minister- President’s Office (Finance and Planning) Dr Saada Mkuya Salum and British High Commissioner to Tanzania Mr David Concar at the Bank of Tanzania (BoT) Hall in Unguja.

Minister Mkuya said it was the biggest deal ever for Zanzibar, mentioning roads to be covered under the projects as Makunduchi in Unguja and Mkoani in Pemba

Under “Design and Build (DB), the project will upgrade and expand Pemba airport. It will be executed through a joint venture between PROPAV Infrastructure, a UK registered company and their local partner MECCO, operating under the Zanzibar Ministry of Infrastructure, Communication and Transport.

Elaborating, Dr Mkuya praised President Samia Suluhu Hassan and Zanzibar’s Dr Hussein Mwinyi for being behind the success that opens further the archipelago and Spice Islands to the world.

“This is the biggest ever deal for Zanzibar. We thank President Samia for enabling the environment and backing the projects.

“We also thank President Mwinyi for his vision to develop all roads and airports in the Islands,” he pointed out.

On his side, Mr Concar said that the landmark initiative underlines the commitment of the British High Commission and its partners to support sustainable development in Tanzania.

He said upon completion, the Pemba airport project is expected to bring about a significant transformation to the Island of Pemba.

“The project’s implementation will drive economic growth, enhance connectivity and open up new opportunities for trade and tourism in the region.

“This collaboration signifies a major step forward in strengthening the economic ties between the United Kingdom and Tanzania,” Mr Concar said, adding that this partnership will ensure the successful completion of the projects, that are envisaged to bring substantial improvements to the airport’ and road infrastructure.

Chief Executive Officer (CEO) of the Citibank Tanzania Limited Mr Geofrey Mchangila promised the disbursement of the funds as per the agreement.

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