Tanzania hits $1.2 billion in investment in just 3 months

By Chinedu Okafor

Tanzania garnered US$1.2 billion in investment through projects filed with the Tanzania Investment Centre (TIC) from January to March, compared to US$787.4 million in 2022.

According to the most recent TIC report, made available to the media yesterday, the investment will be made in 93 projects that would create more than 16,400 employment possibilities.

Domestic sources provided US$887 million, 76 percent of the total approved investments. Foreign donors gave US$276 million, or 24 percent of the total.

Positive investment growth was primarily driven by the strong performance of the construction/commercial buildings sector, which soared with a US$333.2 million investment. TIC executive director Gilead Teri credited the strong success to the government’s continued efforts to create a favorable business climate.

He stated that Tanzania’s return to international arbitration as a result of modifications to the Tanzania Arbitration Act (R.E. 2020) is another key milestone in the country’s reform path aimed at solidifying its position as a top investment destination on the continent.

Tanzania is expected to see a 135 percent rise in investment in TIC-registered projects in March this year compared to February. The capital scheduled to be invested jumped from US$339 million in February to US$796 million in March, according to TIC. Notwithstanding the fact that the trend shows a 9.8 percent drop in the number of registered projects throughout the study period.