23 February 2014

Tanzania: Egyptians Eye Heavy Investment

THE dream that Tanzanians one day will have natural gas connected to their homes for domestic use could soon be a reality after a team of Egyptian investors expressed interest.

Speaking to journalists yesterday, TAQA Arabia business development director, Mr Akmal Zaghloul who is part of the Egyptian Foreign Minister's delegation said that he is very impressed with what he has seen in the country.

"We have had talks with the Ministry of Energy and Minerals and the Tanzania Electric Supply Company (TANESCO) and have expressed interest in the natural gas downstream particularly in connectivity and the signs are good," he said.

Mr Zaghloul announced a technical team will soon come and conduct feasibility studies and they would move on from there. He said other areas of interest in general are fuel markets and gas distribution. A number of projects had been identified from the talks.

The Managing Director of Nile Holding Company for Development and Investment Mr Ahmed El Said expressed his excitement in investing in the country especially in agribusiness.

"I had an audience with the Executive Secretary of the National Advisory Council essentially wanting to know what Tanzania needs and the priorities include agriculture, processing of meat, transport, road networks in northern and southern Tanzania and the Tanzania - Zambia Railway (TAZARA)," he explained.

Mr El Said, said his company is owned by Egypt's three largest banks and is interested in investing in countries in the Nile basin where Tanzania is among the top priority areas as well as North Sudan, Uganda and Ethiopia. He said that it was their primary objective to create sustainable economic cooperation in the Nile basin.

Highlighting on the railway sector, the Citadel Capital Department Head, Mr Hazem Dakroury said that their company currently has investments in Africa worth over 5bn US Dollars and was interested in the vast opportunities available in the East African region.

Mr Dakroury cited that the company plans to bring fuel-efficient transportation solutions; add value to natural resources; and help build a critical national infrastructure.

Egyptian Ministry of Foreign Affairs Official Spokesman, Dr Badr Abdelatty said that his country had recently renewed its foreign policy and formed the Egyptian Agency Partnership for Development with the aim of creating win-win situations with fellow African countries.

Dr Abdelatty said that as the country strives to advance the roadmap that will eventually lead to democratic presidential and parliamentary elections.

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