Latest news with #DarEsSalaam
Reuters
9 hours ago
- Business
- Reuters
IMF disburses about $448 million to Tanzania under two arrangements
June 27 (Reuters) - The International Monetary Fund has approved an immediate disbursement of approximately $448.4 million (SDR 326.47 million) to Tanzania under the Extended Credit Facility and Resilience and Sustainability Facility arrangements, the IMF said on Friday.
Zawya
2 days ago
- Business
- Zawya
Tanzania: Stanbic Bank appoints Lugemela as CFVO
Stanbic Bank Tanzania, one of the country's leading commercial banks and a member of the Standard Bank Group of South Africa, has appointed Derick Lugemela as its new Chief Finance and Value Officer. Lugemela, an accomplished finance professional with over a decade of experience in financial strategy, analysis and reporting, will oversee the bank's financial operations and value-driven initiatives. He has previously worked with Stanbic Bank Tanzania in various capacities, including as head of finance for corporate and investment banking (CIB) and as global market / treasury product control manager, giving him an in-depth understanding of the bank's objectives. Lugemela has a proven track record in senior leadership roles. Until his new appointment, he was the general manager of finance at Bank of Africa Tanzania for three years, where he led critical financial strategies and transformation programmes. Previously, he held posts at Tanzania Agricultural Development Bank, where he was the director of finance, and at KPMG East Africa, where he worked as an audit in-charge. He is a certified public accountant, with credentials from the Board of Accountants and Auditors in Tanzania, and is also ACCA qualified. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
South China Morning Post
3 days ago
- Health
- South China Morning Post
China honours aid doctor Zhang Junqiao who died saving drowning woman in Tanzania
China has paid tribute to a Chinese doctor in Tanzania who died saving a woman in distress in the sea, saying his heroism exemplified the deep China-Africa friendship and the dedication of Chinese medical teams. Zhang Junqiao, a 38-year-old anaesthesiologist working in Tanzania as part of a Chinese medical team, went to the aid of the drowning Tanzanian woman off Dar es Salaam on June 15. Images from the scene showed Zhang keeping her afloat while helping her into a life jacket moments before he went under the waves. Zhang died despite his colleagues' efforts to rescue him. On Tuesday, China's foreign ministry hailed Zhang's actions as an embodiment of China-Africa ties and the 'dedication, commitment, love and fighting spirit of Chinese medical teams'. Zhang Junqiao with local medical students at Muhimbili National Hospital in Dar es Salaam, Tanzania, in May. Photo: Xinhua Ministry spokesman Guo Jiakun expressed his deep condolences to Zhang's family.
Zawya
4 days ago
- Business
- Zawya
Tanzania: Twiga Cement acquires limestone firm Mamba for $16mln
Tanzania Portland Cement Company (TPC Plc), also known as Twiga Cement, acquired a 95 percent stake in limestone extractor Mamba Cement Company for Tsh42 billion ($15.94 million). According to the company's latest annual report for 2024, the acquisition aims to secure access to vital limestone reserves — a key raw material for cement production — and to strengthen Twiga Cement's financial position.'During the year, TPC Plc acquired a controlling interest in Mamba Cement Company Limited, a company whose principal activity is to extract limestone,' Twiga says. The investment provides the company with access to significant limestone deposits, addressing limited reserves at its current quarry at the Tegeta–Wazo Hill in Dar es Salaam.'This will give the company access to the largest limestone deposits near Dar es Salaam, approximately 125km from TPC Plc plant.'The shares were acquired from United Arab Emirates-based Sura Holdings Ltd, a private investment company with extensive operations in regional economies, international markets and various industry sectors. The transaction comprised a cash investment of Tsh39.69 billion ($15.06 million) and Tsh2.32 billion ($880,672) for the transfer of property, plant and equipment.'The acquisition was done with the intention of vertical integration of Mamba Cement's operations with TPC Plc,' the company said. Dividend payoutDespite a 42.9 percent decline in net profit, the Dar es Salaam Stock Exchange (DSE)-listed company enhanced its dividend payout to shareholders by 53.84 percent to Tsh107.95 billion ($40.97 million), or Tsh600 ($0.22) per share. This is an increase on the Tsh70.17 billion (Tsh390 per share) paid in 2023. The dividend is expected to be approved by shareholders and paid in June 2025. The company recorded a net profit of Tsh56.67 billion ($21.51 million) in 2024, down from Tsh99.18 billion ($37.64 million) the previous year. Its total revenues declined by 8.5 percent to Tsh448.58 billion ($170.28 million) in last year, down from Tsh490.17 billion ($186.06 million) in 2023, attributed to overall market shrinkage and increased competition. Production costs, particularly those relating to energy and raw materials, also strained profitability. Twiga's clinker production declined by 1.4 percent during the year, while cement output increased by a marginal 0.3 percent. Tanzania's cement market is highly competitive, with 13 plants operating below 60 percent capacity utilisation as of December 2024.'Despite a challenging market environment and higher energy and raw material prices, cash inflow from operating activities in the 2024 financial year increased by 13.6 percent to Tsh108.6 billion ($41.22 million) from Tsh95.6 billion ($36.28 million) in 2023, surpassing the previous year's level. This improvement was primarily driven by better working capital management compared to the prior year,' the company says. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
20-06-2025
- Business
- Zawya
Tanzania opens skies to stem tourism losses after EU flights ban
In a bid to restore the confidence of air travellers to Tanzania, the government has extended traffic rights to international airlines to stem a crisis following the recent European Union ban on Tanzania-registered aircraft. Tanzania Civil Aviation Authority (TCAA), in extending freedoms of the air to KLM Royal Dutch Airlines, Ethiopian Airlines and Qatar Airways, said the decision was to safeguard tourism, business continuity and international mobility.'The TCAA has granted additional rights, for a period of six months, to KLM, Ethiopian Airlines and Qatar Airways to support and facilitate local and regional connections to major Tanzanian destinations,' director-general Salim Msangi said in a statement. The authority assured travellers that the European Union ban on all planes registered in the country did not apply to aircraft certified outside Tanzania. The assurance came as foreign travellers started to shun air transport in Tanzania, with many cancelling their safaris, a move that Tanzania Association of Tour Operators (Tato) said affected the tourism industry.'This has greatly impacted the industry, as most tourists were refusing to get on planes, even while flying to the national parks, opting for road trips instead,' said Tato chairperson Willy Chambulo. But he was more concerned about cancelled international flights by tourists who had booked safaris to Tanzania and called on the government to speed up the process of clearing the issue with the EU. The ban was an indictment of the TCAA, and Msangi says they are taking the necessary measures to ensure seamless movement and constant connectivity to and from all destinations in Tanzania. He said the EU decision does not affect airlines that are registered outside Tanzania, and pleaded with Tanzania-bound travellers to stop cancelling their bookings. The authority said Tanzanian operators that have regulatory clearance to partner with internationally registered operators through codeshare or block permit arrangements still allow continued operation within destinations in Tanzania, without disruption.'We take this opportunity to reaffirm that Tanzania remains open and accessible, and the aviation sector continues to function under international safety and regulatory standards. These temporary arrangements are designed to preserve business continuity, investor confidence, and service reliability during this period,' TCAA said. National carrier Air Tanzania (ATCL) is among airlines banned from flying within the European Union's airspace because of safety concerns. This decision was based on serious safety concerns identified during assessments conducted by the EU aviation safety experts. They revealed that civil aviation authorities were unable to ensure compliance with international safety standards for air carriers. For Suriname and Tanzania, the identified safety shortcomings cover both operational and regulatory areas. A total of 169 airlines are banned from EU skies. These include a shortage of qualified personnel, ineffective oversight processes in flight operations and airworthiness, and non-compliance with international safety standards by both countries' civil aviation authorities and certified air carriers. The EU Air Safety List is based on the unanimous opinion of member state aviation safety experts, who met in Brussels from May 13 to 15 2025 under the auspices of the EU Air Safety Committee. This Committee is chaired by the European Commission with support from the European Union Aviation Safety Agency (EASA). The European Parliament's Transport Committee supported the update. Decisions under the EU Air Safety List are based on international safety standards, and notably the standards decreed by the International Civil Aviation Organisation (ICAO). Another 22 airlines certified in Russia, as well as five individual airlines from other states, based on serious safety deficiencies identified: Air Zimbabwe (Zimbabwe), Avior Airlines (Venezuela), Iran Aseman Airlines (Iran), Fly Baghdad (Iraq) and Iraqi Airways (Iraq) are either banned from operating in the EU or face operational restrictions. Two additional airlines are subject to operational restrictions and can only fly to the EU with specific aircraft types: Iran Air (Iran) and Air Koryo (Democratic People's Republic of Korea). Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas insisted that passenger safety remains their top priority. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
