Tokyo. Tanzania’s private sector is set to tap into affordable financing and capital from international financial institutions, following strategic talks between the Tanzania Private Sector Federation (TPSF) and Japan’s Sumitomo Mitsui Banking Corporation (SMBC).
TPSF president and Agricom Africa managing director, Ms Angelina Ngalula, held high-level discussions with the bank’s top executives at SMBC headquarters in Tokyo. The meeting was led by head of SMBC’s Global Trade Finance division, Mr Mitsuhiro Kawamura. SMBC is Japan’s second-largest bank, with total assets valued at $1.9 trillion.
“We need access to affordable capital, credit facilities, and bank guarantees to grow our businesses, participate in international trade, and engage in strategic and public-private partnership (PPP) projects,” said Ms Ngalula.
She emphasised that international financial institutions offer numerous opportunities for low-interest financing, but Tanzanian businesses must position themselves to meet the lending criteria.
“What is essential is to create awareness and provide education so that more Tanzanians understand the requirements and steps needed to access such financing,” she said.
Ms Ngalula urged those few Tanzanian entrepreneurs who have successfully secured international credit facilities to help educate others, fostering a strong, competitive private sector that contributes meaningfully to the country’s economic growth.
Prior to her meeting with SMBC, Ms Ngalula also held talks with Mr Yuichi Kitao, President and CEO of Kubota Corporation, in Osaka.
She also paid a courtesy visit to Tanzania’s Ambassador to Japan, Mr Baraka Luvanda, and commended him for his efforts in strengthening diplomatic and economic relations between Tanzania and Japan.
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