Finance Minister, Dr. Mwigulu Lameck Nchemba (MP), has highlighted the significant economic and social benefits of the modern train project, the Standard Gauge Railway (SGR), for both Tanzania and other countries using the Dar es Salaam Port.
The project, according to Dr. Nchemba, will boost trade and economic growth within the Great Lakes region and the Southern African Development Community (SADC).
He emphasized that "the SGR will not only enhance the regional economy but also strengthen the social fabric by creating jobs and improving connectivity."
Dr. Nchemba made these remarks during a meeting in Paris, France, with Mr. Pierre Palmieri, the Deputy Chief Executive Officer of Société Générale International Bank, which has provided financial support for the second phase of the SGR project.
This phase includes the procurement of wagons and locomotives for the railway. "I extend my gratitude to Société Générale for their crucial role in financing this strategic regional project. It is an important step in fostering business growth and enhancing trade," Dr. Nchemba said.
He also noted the bank’s commitment to continuing its support for the ongoing construction of the SGR, stressing that "the completion of the SGR will unlock a host of economic opportunities across the region."
The Finance Minister encouraged Société Générale to explore additional investment opportunities in Tanzania, particularly in the areas of manufacturing, agriculture, energy, infrastructure development, education, and health.
"I urge the bank to look into these sectors and collaborate with local private sector players, including domestic banks," Dr. Nchemba advised.
He also reiterated his appeal to the international community to join forces with Tanzania in investing in the SGR project, specifically in providing operational services, including infrastructure for wagons and locomotives.
"This is a chance to tap into the growing market for rail trade in the region, especially for countries that rely on the Dar es Salaam Port, even if they do not have direct access to the sea," he added.
Mr. Pierre Palmieri, Deputy CEO of Société Générale, expressed his pride in the bank's contribution to securing funding for the SGR project, which he described as "a transformative initiative for Tanzania and the entire African continent."
He further assured Dr. Nchemba that Société Générale would continue to collaborate with Tanzania in various economic and social sectors.
"Our bank remains committed to working with Tanzania on key sectors, including mining, and providing expert advice in capital markets," Mr. Palmieri affirmed.