Tanzania's Finance Minister, Ambassador Khamis Mussa Omar, has held talks with International Finance Corporation Vice President Ethiopis Tafara in Bangkok to discuss strategies for expanding private sector investment and job creation.
The discussions centred on implementing Tanzania's DIRA 2050 development vision, which aims to grow the economy from its current size of 100 billion US dollars to 1 trillion US dollars over the next 25 years. Ambassador Omar said achieving this target would require greater private sector participation in manufacturing, infrastructure and agribusiness, with investment in these areas accelerating economic growth and creating sustainable employment for young people.
The IFC, a member of the World Bank Group, committed to supporting Tanzania's objectives by facilitating private sector investment in agricultural technology, healthcare, tourism and financial inclusion. The IFC also expressed interest in supporting the government's plans to develop the Central Corridor to stimulate economic activity across the region.
A key focus of the talks was the financing gap faced by small and medium-sized enterprises. The IFC plans to work with fintech companies and non-bank lenders to expand credit access by using behavioural data to assess creditworthiness instead of relying solely on conventional collateral requirements.
Both sides reaffirmed their commitment to accelerating projects in energy and digital infrastructure sectors to strengthen Tanzania's economic development.