Uganda, Rwanda, Tanzania scout for investors for projects worth $10 billion
Sept 13, 2016: East African countries are looking for private investors to take up projects worth about $10 billion to fast-track economic development and lift millions out of poverty. Uganda, Tanzania and Rwanda have unveiled projects worth $9.9 billion at a recent Global African Investment Summit held in Kigali.
According to analysts, the three countries are capable of attracting investors because East Africa still presents opportunities for businesses looking for quick returns on investments.
Uganda, Rwanda and Tanzania presented projects valued at $7.3 billion, $1.5 billion and $1.08 billion respectively. This points to the region's growing appetite for private capital inflows to stimulate growth.
Tanzanian authorities are looking for investors in the rehabilitation and expansion of three airports and also construction of a new one. It is hoped the investments will help foster regional integration, and boost intra-African trade as well as tourism.
According to Clifford K Tandari, acting executive director of the Tanzania Investment Centre, construction of a new airport at Msalato is in the pipeline to the travels to new capital Dodoma. The project is estimated to cost at least $165 million.