TANZANIA IS CREDITWORTHY, CREDIT SUISSE BANK PLEDGES MORE LOANS TO THE EAST AFRICAN COUNTRY

The Minister of Finance and Planning, Dr Philip Isdor Mpango (left) and the Governor of Bank of Tanzania, Prof. Florens Luoga (right) in a photo with the Director of International Marketing from Credit Suisse bank of the UK, Ms Elizabeth Muchemi, after their brief meeting at the Tanzanian Embassy in Washington D.C. The Bank promised to continue providing loans to Tanzania as the country was creditworthy. PHOTO/MFP.

From Benny Mwaipaja

MFP, Washington DC

THE UK bank, Credit Suisse, has promised to continue providing loans to Tanzania for development projects saying the country was creditworthy.

The Bank was very much impressed by the government’s timely repayment of loans and the quality standard of the development projects it implements.

This was said here in Washington D.C by the bank’s Director of International Marketing, Ms Elizabeth Muchemi, in a meeting with the Minister of Finance and Planning, Dr Philip Mpango, during the ongoing winter meetings of the World Bank and the International Monetary Fund at Washington D.C.

According to Ms Muchemi, experience show that some countries which take loans do not use the money appropriately for the projects, something which is different with Tanzania where most projects are of high standard.

Recently, Credit Suisse Bank promised to give Tanzania US$200 million for implementation of various development projects in the country, especially infrastructure development like roads and railway.

"We are ready to continue cooperating with the Tanzania government because of the good plans it has as well as repaying loans on time. Credit Suisse Bank has never had any problem with Tanzania in repayment of loans,” Ms Muchemi was quoted as saying.