Tanzania and MIGA Host East Africa Foreign Investment Promotion Roundtable
DAR ES SALAAM, Tanzania, September 19, 2022 — Today, the Multilateral Investment Guarantee Agency of the World Bank Group (MIGA), concluded a multi-country roundtable dialogue, held in Dar Es Salaam. Hosted with the United Government of Tanzania, the roundtable facilitated a unique opportunity for East African government officials to conduct candid discussions with private investors about optimizing investment conditions to draw more foreign direct investment into Eastern Africa.
International private investors such as SCATEC, Meridiam, Globeleq Africa, and Metito met with government representatives from Tanzania, Botswana, Malawi, Mozambique, Somalia, Zambia, and Zimbabwe.
The dialogue took place as these countries continue to struggle from the multiple crises of the COVID-19 pandemic, inflation, debt, and the Ukraine war. Africa is feeling the consequences in terms of higher fuel prices, higher commodity prices, and uncertain investment environments. Many African countries also face elevated debt levels and large debt service costs. Food insecurity is rising, aggravated by trade restrictions, taking a toll on countries that are largely dependent on imported food.
“Africa’s economic and social development will be grounded in a strong recovery from these overlapping crises. The availability of critical infrastructure – such as power, telecommunications, transport services, health care, and education– is essential for this recovery,” said Ethiopis Tafara, MIGA Vice President for Partnerships and Chief Risk, Legal and Administrative Officer. “Challenges of this scale and complexity require a collective effort that leverages public and private resources. Mobilizing foreign direct investment into African countries will help them navigate the crises and lay the foundation for more prosperous and resilient economies.”
Various important issues were discussed with the private investors, including key success factors, risks, and associated mitigants. Government representatives also discussed the measures they are taking to attract foreign direct investment and create a more desirable environment for private investors.
"This forum is indeed a game changer, with the fact that it provides opportunity for the private sector community to discuss matters on promoting foreign direct investment in Africa while providing a good chance for the government to showcase the investment opportunities available in Tanzania with the view of inviting the private sector to complement government efforts on growth,” said the Hon. Minister Dr. Ashatu K. Kijaj, of the Ministry of Investment, Industry and Trade of the United Republic of Tanzania.
The host country conducted a presentation highlighting opportunities for investment.
“To ensure that Tanzania becomes the best investors’ destination, the government is committed to a number of measures toward improvement of the business environment,” Kijaj said. “The reforms have resulted in the introduction of ICT systems for facilitation of investment projects, including establishment of Tanzania Electronic Investment Single Window System that brings together all important agencies supporting investors.”
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.
Since its creation, MIGA has issued nearly $70 billion in guarantees across 122 developing countries in support of nearly 1,000 projects.
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