BOT Board Will Visit the Sgr Railway Construction Project
The Board of Directors from the Central Bank of Tanzania (BOT) led by the Governor of the Bank, Mr. Emmanuel Tutuba, visited the construction of the international standard railway – SGR, the first section from Dar es Salaam – Morogoro at Dar es Salaam Station, April 2023.
The aim of the visit is to review and see for yourself the investments made by the Government in an effort to develop and promote sectors that largely contribute to economic growth, among these sectors are Railways and Ports.
The Governor of the Central Bank of Tanzania, Brother Emmanuel Tutuba, has said that the BOT will ensure that it invents methods and creates strategies that will enable the country to get foreign funds through economic sectors that the Government has invested a lot in building and developing, including the SGR construction project.
“According to the BOT Law, we are responsible for managing various economic issues, including looking at income, especially how we can get US dollars or foreign currency, we have seen the way the government has invested in the SGR, in the Kwala area there are areas where this railway will reach in factories and dry ports, the TPA area which will be connected to the railway and take the load to different places and foreign countries, this will bring a lot of foreign money and help the country to grow economically” said Mr. Tutuba.
In addition, Mr. Tutuba added that BOT has consulted with TRC, TPA and EPZA to create plans and strategies that will enable the economy of citizens, organizations, companies as well as the income of the Government and the country in general to be united together to improve international trade by promoting exports and earn foreign currency.
“This SGR investment is really aimed at developing the economy, we were consulting on how the economy of individuals, the economy of companies, the economy on the Government’s side, i.e. income and the country as a whole, will be able to be connected so that we can promote exports, if we increase exports we get a lot of money foreign, so there is a program that we are continuing to look at as the Central Bank in collaboration with the government is called the strategy to promote exports (import substitution initiative) and look at alternatives to the things we import from abroad so that they can be produced locally” said Mr. Tutuba.
And the Acting Director General of the Tanzania Port Authority (TPA) Mr. Mrisho Mrisho has said that the efficiency of the Port depends more on solid infrastructure, especially the railway that can connect the port with various areas inside and outside the country by bringing cargo to the port and also releasing cargo from the port.
“We need to understand that the efficiency of the port depends more on the infrastructure that connects the port, even before the SGR we had the TAZARA railway and the old one of the TRC, so with this SGR railway which has international quality, it means that cargo transportation at the port will increase twice as much as this now” said Mr. Mrisho.
The Acting Director General of Tanzania Railways Mr. Senzige Kisenge has thanked the Board of Directors of the Central Bank of Tanzania for visiting the construction of the SGR and seeing the progress of the construction of the project and advising the TRC on various things that will help to bring and increase income when the operational activities start soon.
