EU to inject $574m in women-led businesses in Tanzania

The European Union, through the Europe Investment Bank, has entered into an investment deal with Tanzania that will unlock over $574.4 million worth new business investments in women-led businesses and the blue economy agenda.

The investment is meant to facilitate businesses and projects in different areas including electricity, clean energy, regional airports, Dar es Salaam port, clean water around Lake Victoria and the blue economy agenda in Zanzibar.

This was revealed by the bank’s Vice President Thomas Östro during the opening ceremony of the Tanzania-EU Business Forum on Thursday in Dar es Salaam.

“After a seven-year gap, it is great to be back in Tanzania. These new investments are specifically targeted to support the blue economy and dedicated to finance women-led businesses and entrepreneurs. My colleagues and I are also looking forward to discuss further investment and business opportunities in Tanzania,” he said.

Tanzania also used the platform to market its potential investment areas of agriculture, tourism, the energy sector, manufacturing, logistics and technology to European businesses in a joint business forum with the EU.

“Tanzania is a de facto gateway to and from landlocked countries, making it a strategic investment hub. We welcome investors in our potential investment areas including agriculture, tourism, logistics and energy sector including oil and gas exploration in Zanzibar, different power sources such as wind and water. ICT is also another area posing potential investment for the EU,” noted Tanzania’s Vice President Phillip Isdor Mpango.

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