Tag: Tanzania

ADF approves US$116m loan to upgrade road corridor in Tanzania

Frank

TANZANIA – The Board of Directors of the African Development Fund has approved a loan of around US$116 million to the Tanzanian government to upgrade a 160-kilometer Mnivata-Newala-Masasi road corridor in the southern part of the country. The Bank’s loan represents 98.71% of the project cost; the government of Tanzania will provide the remaining 1.29% in funding. The project will upgrade the roadway, including the 84-meter Mwiti bridge, to bituminous standard. The works also have social components, including the provision of potable water, education and medical infrastructure, the establishment of…

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Tanzania ratifies Africa free trade area treaty

Frank

TANZANIA – The government of Tanzania has ratified the agreement establishing the African Continental Free Trade Area (AfCFTA), joining a pact connecting countries with a total gross domestic product of US$3.4 trillion. AfCFTA was first opened for signing in April 2018 but came into application in 2019 after the requisite minimum of 21 of the 55 member states ratified it. Tanzania had not formally joined although former President John Magufuli signed on the agreement in 2019. After signing, parliamentary approval is required for the ratification of the agreement. Its East…

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Tanzania ups its stake in Shelter Afrique to 1.54%

Frank

KENYA – The Government of Tanzania has increased its stake in Shelter Afrique after paying US$2.7 million in additional capital, the pan-African housing development financier has disclosed. The additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously. Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively. Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence…

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Tanzania to route national fiber extension along electricity grid

Frank

TANZANIA – The government of Tanzania is to use the country’s national electricity grid to extend its nationwide fibre network. The country’s Ministry of Information and Communication Technologies has awarded Tanzania Telecommunications Corporation a contract to construct the network over the power infrastructure – and to extend the power network itself. Faustine Ndugulile, the minister of information and communication technologies, said high-speed internet was essential for the next industrial revolution. “The fourth industrial revolution is built on a combination of various digital and modern technologies such as blockchain, drones, internet,…

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Vodacom Tanzania appoints Sitholizwe Mdlalose as managing director

Frank

TANZANIA- Vodacom Tanzania Plc has announced the appointment of Sitholizwe Mdlalose as the new Managing Director replacing Hisham Hendi who is stepping down after three years at the helm. Sitholizwe joins the company from Vodacom South Africa (VSA) where he was the Finance Director since 2017. Sitholizwe has previously held various roles in the Vodacom Group including that of Interim Chief Finance Officer as well as Chief Finance Officer of Vodacom Group’s International Business. Prior to joining Vodacom Group, he worked with Vodafone Group for more than 6 years holding…

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Vodacom Tanzania CEO Hisham Hendi steps down after three years at the helm

Frank

TANZANIA – Hisham Hendi, the managing director of the telecommunications giant Vodacom Tanzania has stepped down after three years of service, to take up a new role as the commercial lead in Vodafone Spain. The outgoing CEO joined Vodacom Tanzania in September 2016 as the head of the commercial business unit and was later promoted to the role of Managing director in August 2018. Chairman of the board of Vodacom Tanzania, Judge Thomas Mihayo, praised Hisham by saying: “During Hisham’s five-year tenor, Vodacom has continued to lead the industry in implementing…

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EABL ups its stake in Serengeti Breweries with acquisition of an additional 30% stake

Frank

TANZANIA – East African Breweries Limited, majority-owned by British multinational alcoholic beverage company Diageo, has increases its ownership in its Tanzanian subsidiary, Serengeti Breweries to 85% following the acquisition of additional stake. The deal comes more than a year after the brewer had revealed its intentions of acquiring an additional 30% stake in the Tanzanian unit in March 2020, after identifying the booming beer and spirits market in East Africa’s largest country. “We got one minority shares. We decided to buy them out and they also wanted to sell. The…

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TADB, Clinton Development Initiative partner to unlock soybean value-chain in Tanzania

Frank

TANZANIA – Tanzania Agricultural Development Bank (TADB), has entered into a strategic partnership with the Clinton Development Initiative (CDI), an initiative of the Clinton Foundation, that will allow the agri-bank to disburse up to TZS1.15 billion (US$500,000) to unlock the soybean value-chain in Iringa Region, Tanzania. According to the Memorandum of Understanding (MoU) signed between the two parties, the partnership aims at enhancing financial accessibility to 29 Agriculture Marketing Cooperatives (AMCOs), which will impact 2,900 CDI supported farmers engaged in the production and marketing of soybeans, for a period of…

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Equity Bank Tanzania introduces remittance services

Frank

TANZANIA – Equity Bank Tanzania has introduced two new remittance services in an effort to boost inter-country and regional remittance transactions in Tanzania. The two platforms introduced in the market are Equity Bank Interbank transfers and Sadc Integrated Regional Electronic Settlement System (Siress) Services. The former allows real-time transactions for Equity Bank customers in any Equity Bank group branches while the latter opens up remittance transactions within the 16 Southern African Development Community (SADC) member states. Equity Bank managing director Robert Kiboti said in Dar es Salaam that the services…

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City Lodge Group sells hotels in Kenya and Tanzania for US$9.6m

Frank

TANZANIA –  South Africa’s City Lodge Hotel Group is selling its stakes in three hotels in Kenya, as well as its City Lodge Hotel Dar es Salaam in Tanzania, to subsidiaries of the UK-based investment firm Actis. The Kenyan hotels, 127-room Fairview Hotel in Nairobi, the 171-room City Lodge Hotel at Two Rivers in Runda also in Nairobi and the 84-room Town Lodge Upper Hill in Nairobi, will be sold for almost R141 million (US$9.5 million) while the Tanzanian hotel will fetch R1 million (US$67,366).  The 148-room City Lodge Hotel…

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