(3 minutes read)
· The Tanzanian government has told banks and other financial institutions to finance potential economic sectors including tourism, which was badly hit by the outbreak of Covid-19
· The government also has directed the banks to help the small and medium-sized enterprises, agriculture and lend finance for setting up of new industries
The Tanzanian government has told banks and other financial institutions to finance potential economic sectors including tourism which was badly hit by the outbreak of Covid-19. The government also has directed the banks to help the small and medium-sized enterprises, agriculture and finance for setting up of new industries.
Tourism was Tanzania’s leading foreign exchange earner but recently it was overtaken by gold which investors prefer as a safe haven in the wake of the pandemic. It helped mop up US$2.1 billion in the year ended on June 30 2020 as against US$2.5 billion in the previous year. However, gold exports picked up at US$ 2.6 billion from a low of 1.7 billion in the previous year.
Deputy Minister for finance and planning Ashatu Kijai called upon the banks to support SMEs since they are in a dire situation caused by the pandemic. She underscored the need for channelizing more investments towards infrastructure development and agriculture sector since that would help creating more employment.
