Tanzania moves to establish International Financial Centre in Dar to attract global capital

DODOMA: TANZANIA is set to establish the Dar es Salaam International Financial Centre (DIFC) in a major push to attract global capital, strengthen financial markets and position the country as a leading investment destination in Africa. The Minister for Finance, Ambassador Khamis Mussa Omar revealed this at the Parliament in Dodoma on Thursday when presenting the 2026/27 Budget noting that the planned financial hub will serve as a gateway for foreign investment and support growth across key sectors of the economy. The announcement comes as Tanzania records a sharp rise in foreign direct investment (FDI), which increased to 21.7 billion US dollars in 2024, up from 14.1 billion US dollars in 2018, reflecting growing investor confidence in the country’s economy. The Minister attributed the growth to a series of reforms implemented under the government’s programme to improve the business environment. He said the First Blueprint for Regulatory Reforms led to the review of 55 laws and the reduction or abolition of 374 fees and levies, significantly lowering the cost of doing business and encouraging new investments. Building on those gains, the government is finalising the Second Blueprint for Regulatory Reforms, which seeks to harmonise fees and charges imposed by public institutions while simplifying payment procedures. “The private sector remains a critical pillar of economic growth, employment creation and development financing; the government will continue to create a more competitive and investor-friendly business environment,” he said. ALSO READ: Tanzania provides259/- and 535/- subsidies per litre of fuel in response to pressure of geopolitical tensions Moreover, he said that to increase access to affordable financing, the government is also formalising Credit Guarantee Schemes previously managed by the Bank of Tanzania and plans to establish an independent credit guarantee corporation. The proposed institution is expected to strengthen access to guarantees and financing for businesses, particularly exporters and entrepreneurs seeking to expand production. The Minister further said the government is strengthening partnerships with domestic and international financial institutions, including commercial banks, social security funds, the International Finance Corporation (IFC), Africa50, Africa Finance Corporation (AFC) and the Asian Infrastructure Investment Bank (AIIB). The collaboration aims at mobilising capital, expertise and technology needed to accelerate implementation of strategic development projects and support Tanzania’s The post Tanzania moves to establish International Financial Centre in Dar to attract global capital first appeared on Daily News . The post Tanzania moves to establish International Financial Centre in Dar to attract global capital appeared first on Daily News .