WB to develop its projects with private sector participation in oil and gas business

THE World Bank (WB) has expressed its intention to develop its projects with relation to developing local content within oil and gas business sectors in the country. The cal was made on Tuesday night last week in Dar es Salaam by the institution’s leader for finance and private sector development for Africa region Andrea Dall’Olio representing Tanzania, Uganda and Burundi. Andrew was speaking with members of CEO Roundtable during their dinner meeting and insisted that, the institution had recognized the necessity for private sector participation in oil and gas for sustainable economic growth in the country. The WB official engaged in talks with the CEOrt members and provided an insight on how stakeholders of private sector and other citizens in general can benefit from opportunities within the oil ant gas sectors in the country. The key discussions points over the matter mainly targeted on job creation whgereby the WB official noted that about 15,000 Tanzanians can manage to be employed in oil and gas industry. Others are value added services as well as technology and knowledge transfer. In these areas, the WB official affirmed that the institution can help the needy Tanzanians to achieve their goal. During the discussions, the WB official also provided insights of on-going initiatives aimed at effectively addressing the various challenges and constraints with a view to ensuring stakeholders of the private sector can more effectively and actively participate in future opportunities along the value chain within oil and gas sector.  In addition to that, he noted that such opportunities kelps to capitalize on the vast underground economic potentials which exists in Tanzania today. 

Mr. Ali Mufuruki

On his part, the Chairman of the CEOrt Ali Mufuruki expressed his disappointment when he noted that the government had hastened to venture into oil and gas business when it had not yet formulated a comprehensive policy document which could defend the locals people in its production in future. He said his organization has seen the need to engage the World Bank to help private stakeholders in the production of oil and gas in the country so that local Tanzanians should benefit from it. He highlighted that as a country, members must ensure economic growth is both inclusive and representative of all sectors cutting across the economy. However, he reiterated the need for the private sector in the country to be given opportunities to participate in oil ands gas business economy so as to add value in Tanzania’s economic development plans. The CEOrt is a policy dialogue forum which was established in 2000 with the objective of creating a platform through which captains of industry could constructively engage the government with the vision of creating a more conducive environmental for businesses to prosper and contribute to Tanzania’s economic growth. The CEO brings together CEOs from over 90 organizations doing business in Tanzania. The members of the CEOrt and the companies they lead account for more than 40 percent of tax revenue collected by the government.