Dar es Salaam. The Tanzania Investment Centre (TIC) has been recognised for its outstanding work in promoting investment within the African continent, according to the centre’s statement.
The prestigious award was presented at the Annual Investment Meeting (AIM) 2024 held in Abu Dhabi on Wednesday, May 8th, 2024.
The Permanent Secretary in the President’s Office responsible for Planning and Investment, Dr Tausi Kida, received the award.
Dr Kida told the media after receiving the statement that the recognition came at an opportune time and is a treasure for the nation as it reflects the government’s efforts to improve the business environment in the country.
“This award boosts confidence among investors, and we as the government, especially the President’s Office responsible for Planning and Investment, We will continue attracting investment to create jobs and promote economic growth,” she said.
The award highlights TIC’s efforts in attracting and supporting investors, ensuring Tanzania remains a competitive destination for global capital.
TIC executive director Gilead Teri said key initiatives include the sector’s specific incentives, improved stakeholder engagements, and robust promotional activities, which have collectively enhanced Tanzania’s investment profile on the global stage.
“This recognition underscores Tanzania’s growing reputation as a leading investment hub in East Africa. TIC efforts align with the country’s broader economic goals to achieve middle-income status and ensure sustainable economic growth,” he said.
Furthermore, the statement says the recognition comes after TIC outperformed different investment institutions by demonstrating positive growth in project registrations, investment value, and the number of jobs created.
Available statistics, according to the statement, say projects registered by TIC increased from 293 in January 2022 to 526 during a similar period in 2023, which is equivalent to 79.5 percent of the increase.
“The value of investment facilitated by TIC increased to $5.720 billion from $4.547.70 billion between January 1, 2023, and December 31, 2023, which is equivalent to a 25.8 percent increase,” reads another part.
The number of jobs created through TIC increased from 40,889 to 137,010 between January 1, 2023, and December 31, 2023, as compared to the same period in 2022, representing 235.1 percent of the increase.
Different global institutions have competed for the ‘best investment institution’ award alongside other investment awards since 2013, according to the statement.
The award is a recognition of the abundance of excellent foreign direct investment (FDI) projects from each region of the world that the Investment Promotion Agency (IPA) attracted in the respective year.
Dr Kida is in Abu Dhabi, joining over 12,000 dignitaries from over 175 countries, including ministers, government officials, decision-makers, and major investors from across the world.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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