Tanzania Strengthens Partnership with French Investors

TheTanzanian government met the French Development Agency (ADF) and the French Business Confederation (MEDEF) to renew their partnership and invest in the main sectors of the African economy.

During a three-day official tour to France, President Jakaya Kikwete met AFD Chief Executive Officer Mr Dov Zerah in Paris last Tuesday, to renew  their partnership agreement which was reconfirmed on the same day.

The previous agreement, which was in place between 2006 and 2010, enabled the Agency to direct TZS82 Billion (USD 51 Million) to the Tanzanian economy.

According to the new pact, Tanzania and AFD have agreed to establish a partnership by which the latter will develop various water treatment projects in different areas of the country in the next three years.

On the same day President Kikwete participated to a meeting with more than 50 MEDEF members companies.

The President invited MEDEF Chairman Dominique Lafont and the member firms to take advantage of the numerous investment opportunities in Tanzania in agriculture, fishing, manufacturing, mining, water, tourism and social services.

Kikwete also welcomed investors in the develoment of power generation in Tazania as traditional hydro power is being progressively disregarded in favor of more reliable gas and coal power generation.

Tanzania has recently discovered important offshore natural gas reserves estimated at 28.74 Trillion cubic feet (tcf).

In November last year Presdient Kikwete inaugurated the construction of a new natural gas processing plant in Kinyerezi, in the Dar Es Salaam region.

The plant, which is expected to be completed within two years, will generate 240 MW, about 10% of Tanzania’s estimated power demand for 2015.