Tanzania: a growing investment destination

Last week I was very pleased to have the opportunity to visit Tanzania and Kenya. The region remains a priority for BII, with a portfolio of $1.4 billion in East Africa.

I spent most the week in Tanzania where I was hugely impressed by the progress that the country has made over the last couple of years under the leadership of President Samia Hassan.?Political and economic stability, moderate debt levels and enthusiastic support by her government for the private sector are making it one of the most attractive investment destinations in Africa.

While there I also had the privilege to meet with Vice President, Philip Mpango. We discussed BII’s current investments in the country, as well as our shared aspirations to increase investment in Tanzania.

BII has a portfolio of $65 million in Tanzania, with several new investments made to the country over last year, and I was able to visit a number of these.

I travelled to the Southern Highlands to see Green Resources AS , East Africa’s largest forest development and wood processing company.

We’ve invested in the company through the African Forestry Impact Platform, a platform we help set up to scale sustainable forestry in sub-Saharan Africa and deliver climate, community, and biodiversity benefits.

When we were with Green Resources we saw how, with the help of our funding, the company is increasing the supply of sustainable wood, restoring natural capital, while also boosting jobs within rural communities.?

As part of my visit to the country, I was also delighted to announce BII’s support for renewable energy in Tanzania, through our agreement with Meridiam to support Rift Valley Energy .

Our new investment will finance 7.6 megawatts of wind and hydropower projects, which will provide power to 170,000 consumers. These are people living in rural Tanzania, and many of them have not been connected to the grid before, so the investment has the potential to make a huge difference to people’s lives.

In Dar es Salaam I had the opportunity to meet Ruth Zaipuna , CEO of NMB Bank Plc , where BII played a key role in helping to launch their recent inaugural sustainability bond. The bond was recently listed on the London Stock Exchange.

Finally, I met with the leadership of TowerCo of Africa , another recent BII investee. Our investment of $30 million will allow them to build 200 new telecom towers in rural areas and transform lives through high-speed internet access.

Tanzania is both a beautiful country and an increasingly attractive investment destination. I look forward to BII continuing to provide even more capital in support of the country’s continued economic development.

Priti Prajapati , Gilead Teri , Yida Kemoli , Sarah Clawson , Kuda Phairah , Hans Lemm , Innocent Mushi , Marvin Bell