The government of Tanzania intends to establish an Industrial development Bank to speed up investments and loans for industrial development, according to a report by Tanzania Daily News.
“The industrial development bank can form a fundamental component in realising the industrialisation drive and enhance its contributions to economic growth,” said Tanzania’s Ministry of Industry, Trade and Investment, Permanent Secretary Dr Adelhelm Meru
Over 2,000 industries have been established in the East African country in one year according to PS Meru. He further added that, with the success of Agriculture development bank the industrial bank will also support development in industries.
Many countries have developed string economic bases through concentration on industrialization, a fact that is not lost to Tanzania. The government of Tanzania wants to ensure more investment flows for industrial development to create more employment opportunities, generate revenue, stimulate introduction of new technologies and motivate trade industrial.
“For many years, Tanzania had been a victim of exporting raw materials thereby losing money, jobs, technology and foreign currency,” said the PS
