Afreximbank to Mobilize $1B for Key Growth Sectors in Tanzania

(Ecofin Agency) - • Afreximbank committed to mobilize $1 billion for Tanzania over the next year.
• Target sectors include manufacturing, infrastructure, oil refineries, and SMEs.
• The pledge aligns with Tanzania’s five-year plan to drive industrial expansion.

The African Import-Export Bank (Afreximbank) has pledged to mobilize $1 billion in funding for Tanzania over the next twelve months to stimulate the country’s economic growth. The commitment was made on Thursday, May 22, during a roadshow themed “Innovative Financing Solutions for Tanzania’s Sustainable Growth,” organized in partnership with the Central Bank of Tanzania.

Speaking at the event, which brought together government officials, leaders of local financial institutions, and private sector stakeholders, Afreximbank’s Director-General in charge of customer relations, Eric Monchu Intong, specified that the funding would focus on sectors offering business opportunities, such as manufacturing, healthcare, ports, airports, oil refineries, and the development of small and medium-sized enterprises (SMEs).

Mr. Intong also urged Tanzanian businesses to present bankable projects with “impact and scope,” while discussing Afreximbank’s credit guarantee products, specialized financing instruments, SME support programs, and upcoming strategic platforms, such as Afreximbank’s annual meetings in Abuja, and the Intra-African Trade Fair (IATF 2025) in Algiers.

A pan-African financial institution dedicated to financing and promoting intra and extra-African trade, Afreximbank already has a portfolio of $2.4 billion worth of commitments in Tanzania. It has previously financed several key projects in the country, including the Julius Nyerere hydropower project ($800 million) and the East Africa Crude Oil Pipeline ($200 million). Additionally, the bank has extended a total of $350 million in credit lines to Tanzanian commercial banks and offered direct loans worth $80 million to the private sector.

Its funding ties closely with Tanzania’s national development priorities, particularly the current Five-Year Development Plan (FYDP III), which aims to stimulate industrial growth, infrastructure development, widening access to energy, and promoting regional integration.

Source: Ecofin Agency