Tanzania’s Minister for Finance, Dr. Mwigulu Lameck Nchemba (MP), has said that the Standard Gauge Railway (SGR) project is a strategic initiative that will not only benefit Tanzania but also boost economic growth for other countries in the region that depend on the Port of Dar es Salaam.
Speaking in Paris, France, after meeting with Mr. Pierre Palmieri, Deputy Chief Executive Officer of Societe Generale a bank that helped finance Phase 2 of the SGR project and the purchase of rolling stock Dr. Nchemba emphasized the importance of the SGR in enhancing regional trade and integration.
“This railway will serve as a vital link for trade and transport within the Great Lakes Region and the Southern African Development Community (SADC), especially for landlocked countries that rely heavily on the Port of Dar es Salaam,” said Dr. Nchemba. “It is a regional game-changer that will unlock countless economic opportunities.”
He thanked Societe Generale for its commitment and financial support, which he described as a sign of trust in Tanzania’s development agenda.
He also welcomed the bank’s interest in continuing to support the project, especially in financing the remaining phases.
“I urge international stakeholders to partner with us not only in construction but also in providing railway operations services, including locomotives and wagons,” Dr. Nchemba said.
“This is an opportunity to be part of a growing logistics network that connects markets across East, Central, and Southern Africa.”
The Finance Minister encouraged the bank to explore more investment opportunities in Tanzania, particularly in sectors such as industry, agriculture, energy, infrastructure, education, and health.
He also called for greater collaboration between international institutions and local private sector players, including Tanzanian banks.
On his part, Mr. Pierre Palmieri said that Societe Generale is proud to contribute to Tanzania’s development efforts.
“We are pleased to support such a strategic and transformative project for Tanzania and the entire region,” said Mr. Palmieri. “Our involvement in the SGR project reflects our long-term commitment to African infrastructure development.”
He added that the bank is open to further collaboration in other economic and social sectors, including mining, and pledged to continue offering technical advisory services in capital markets.
The meeting was also attended by Tanzania’s Ambassador to France, Ali Jabir Mwadini, who praised the strong relationship between Tanzania and Societe Generale, noting that such partnerships are crucial for accelerating development and regional integration.