Tanzania submits 13 priority projects at investors forum in SA

The Minister for Finance and Planning Dr Philip Mpango who is representing President John Magufuli at the forum said the project for building a factory for various drugs that will cost USD 408 million had attracted many investors.

He mentioned the  investors who were attracted by the factory project to be built at Kibaha in Coast region  coming from Korea, Turkey and international financial institutions and added that by early 2020 one or more investors will have been picked for the project. He said the factory is expected to produce 230 different kinds of drugs.

He said apart from alleviating drugs shortage in the country as well as fighting importation of fake drugs, the factory will also provide hundreds of jobs  opportunities for Tanzanians.

Dr Mpango said the government sets aside more than 230b/- from its annual budget for the purchase of drugs while the actual drugs requirements in the country costs 1.4tr/-   

He explained that the other 12 projects submitted to the investors are in preparatory stages   in hydro power and cotton processing factories to increase its value for textile production, all which go in tandem with the government’s goal to attain industrial economy.

The project manager from Tanzania Medical Stores Department (MSD) Eng Fredrick Pondamali explained the evaluation work on the drugs factory had already been completed including two more factories whose investors are being sought for.

He said the drugs factory project was picked by the African Development Bank (AfdB) to forward it to investors for the procurement of funds due to its importance for Tanzania and neighbouring countries.

The annual Africa investors forum now in its second year has been organised by the African Development Bank (AfDB) by involving various investors and this year more than 4,000 investors from variouscountries of the world had participated.

The aim is to increase investments in infrastructures to spur the pace of economic transformation in African countries.