Tanzania: Barclays Vows to Increase Investment in Tanzania

Dar es Salaam — Barclays Bank Tanzania Limited has said that it plans to increase investment in the country to help speedy economic growth as per government targets. Tanzania's economy has been resilient to shocks and is expected to remain buoyant with a GDP growth forecast of 6.8% in 2012 and 7.1% in 2013 - well above the regional averages.

According to economic analyst, services, industry and construction continue to be the driving forces. However, frequent power outages continue to hurt potential output. The Chief Executive, Barclays Africa and Head of Africa Group Strategy, Mr Kenedy Bungane told East African Business Week in Dar es Salaam last week during the Barclays Africa Executives visit in Tanzania that the bank will continue looking for opportunities in Tanzania.

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