HOW TANZANIA CAN BENEFIT FROM CONSTRUCTION FINANCING IN THE INDUSTRY

The rapid rise in construction activities in Tanzania is surely a wonderful site to behold as the nation infrastructural development has increased.

In the space of six months, a robust growth has being witnessed in Tanzania’s construction industry which has a ripple effects that trickle down to the ordinary citizen.

Deputy minister for Works, Transport and Communication, Elias Kwandikwa in a press briefing said growth in construction financing has a direct impact on individual citizens, both directly and indirectly.

Quoting Kwandikwa, “Increase in financing reflects the increasing number of small and large construction projects which have created growth opportunities for the public”.

So far, Bank of Tanzania (BoT) report that the construction industry leads in economic activities with the strongest annual credit growth received from commercial banks in a period from January to June 2020.

It is important to note that such financing in the sector has benefitted producers of cement, metals, roof, interior designers as several project are underway.

It has also boosted the country’s goods exports during the quarter ending March 2020 due to the exportation of building and construction materials for supporting the ongoing infrastructure projects.

As more projects are constructed, the minister stated that the industry contribution to the nation’s economy is expected to rise and reach 14%.

 

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