BRITISH Prime Minister’s Trade and Investment Envoy to Tanzania Lord Hollick has announced doubling of UK’s government trade support for Tanzania to 750 million pounds (over 2tri/-).
The announcement was made during Lord Hollick’s visit to Dar es Salaam this week, where he discussed the proposed UK investments by British firms and Tanzania’s priority infrastructure projects with a number of ministers and senior officials. The major announcement was made in a meeting with the Minister of Finance, Dr Philip Mpango.
The support is made available through UK Export Finance and UK government’s export credit agency. This trade finance offer is one of the most competitive in the world market and builds on the UK’s position as the number one foreign direct investor and one of the largest donors in Tanzania.
The additional 375 million pounds will help Tanzanian buyers access the finance they need to buy from the UK. Lord Hollick also visited the site of a proposed new flyover in Dar es Salaam which would be manufactured by UK firm Mabey Bridge with UK trade finance support.
The flyover would help to reduce traffic congestion in the capital. British firms are increasingly interested in investing in Tanzania’s infrastructure, driven by the availability of competitive trade finance. UK expertise can deliver high-quality solutions to Tanzania’s infrastructure needs.
UK Export Finance is already active in Tanzania by providing finance for the construction of the third terminal at Julius Nyerere International Airport (JNIA) in Dar es Salaam. The contract was won by UK firm BAM Nuttall and construction is ongoing.