{"id":110536,"date":"2024-05-16T17:06:51","date_gmt":"2024-05-16T17:06:51","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments"},"modified":"2024-05-16T17:50:37","modified_gmt":"2024-05-16T17:50:37","slug":"tanga-bond-opens-doors-for-subnational-instruments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments","title":{"rendered":"Tanga bond opens doors for subnational instruments"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>TANGA UWASA Water Bond worth 53.12bn\/- yesterday was listed at the Dar es Salaam Stock Exchange (DSE) marking a milestone in the history of alternative project financing in the country worth emulating.<\/p>\n

The first-ever subnational bond in the history of the country was slightly oversubscribed and managed to raise 54.72bn\/- which was 103 per cent of its total target.<\/p>\n

The bond fund will be used to boost water availability in Tanga, the first municipality in the country.<\/p>\n

The Minister for Work, Mr Innocent Bashungwa, said during the listing ceremony held in Dodoma that Tanga UWASA Water Bond stands as an example for other government entities to borrow a leaf in efforts to complement the government\u2019s conventional budget framework and foster Local Government Authorities (LGAs) reliance.<\/p>\n

\u201cThis listing event is clear evidence that the country\u2019s capital markets have muscles to finance projects,\u201d Mr Bashungwa said.<\/p>\n

The funds from the bond besides improving Tanga water infrastructures will increase water accessibility by almost two times the present capacity, from 30000 cubic metres per day to 60,000 cubic metres per day meeting the city\u2019s present water demand.<\/p>\n

Furthermore, he said the bond paved the way for other ministries to apply a similar approach to obtaining project funds apart from relying on the central government funds, which are limited.<\/p>\n

Mr Bashungwa said so far the Ministry of Work is preparing the infrastructure bond which will also be utilized to fund various transport infrastructure projects, including roads construction.<\/p>\n

Statistics showed that 65 per cent of the bond was purchased by local investors and the remaining 35 per cent by foreigners.<\/p>\n

Minister for Water, Jumaa Aweso said that financial needs for water infrastructures across the nation are still on high demand.<\/p>\n

\u201cI urge other water utilities to learn from the Tanga UWASA bond and replicate the same in raising funds from the public. \u201cBond issuance such as this one complements government effort and expedites provision of water services to the citizens,\u201d he said.<\/p>\n

The head of the United Nations Capital Development Fund (UNCDF) in Tanzania, Mr Peter Malika, congratulated the government for achieving this historic milestone.<\/p>\n

\u201cIn collaboration with the government, our significance and support as a development finance institution has resulted in clearing and clarifying technical and policy hurdles that existed before this transaction, so that future transactions can use Tanga UWASA\u2019s bond as a national template,\u201d Mr Malika said.<\/p>\n

DSE Chief Executive Officer, Mary Mniwasa said the listing of the Tanga bond demonstrates the power of collaboration between the public and private sectors and the commitment of stakeholders to make investments that generate financial returns and protect the environment.<\/p>\n

\u201cDSE invites public institutions, companies and the private sector to continue this path of raising capital aimed at promoting and building a competitive economy for the development of people,\u201d said Ms Mniwasa.<\/p>\n

The Managing Director of Tanga UWASA, Eng Geofrey Hilly, expressed immense pride and honor in witnessing the successful listing of the Tanga Bond.<\/p>\n

\u201cAs the pilot,\u201d Eng Hilly said, \u201cwe are determined to maintain a strong and unwavering commitment to our investors, on professionalism and proper use of funds.\u201d<\/p>\n

Other stakeholders involved in preparation of the bond include NBC Bank (lead transaction advisor), FSD Africa (supported green framework), FIMCO and Global Sovereign Advisory (financial and investment advisory), ALN Tanzania (legal advisor), Innovex (reporting accountant), Vertex International Securities (stockbroker) and ISS Corporate Solutions (second-party opinion provider).<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANGA UWASA Water Bond worth 53.12bn\/- yesterday was listed at the Dar es Salaam Stock Exchange (DSE) marking a milestone in the history of alternative project financing in the country worth emulating. The first-ever subnational bond in the history of the country was slightly oversubscribed and managed to raise 54.72bn\/- which was […]<\/p>\n","protected":false},"author":84,"featured_media":110535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,711],"class_list":["post-110536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTanga bond opens doors for subnational instruments - Tanzania<\/title>\n<meta name=\"description\" content=\"TANGA UWASA Water Bond worth 53.12bn\/- yesterday was listed at the Dar es Salaam Stock Exchange (DSE) marking a mileston ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tanga bond opens doors for subnational instruments\" \/>\n<meta property=\"og:description\" content=\"TANGA UWASA Water Bond worth 53.12bn\/- yesterday was listed at the Dar es Salaam Stock Exchange (DSE) marking a mileston ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T17:06:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T17:50:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/05\/sm_1715865433.219242.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"475\" \/>\n\t<meta property=\"og:image:height\" content=\"317\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tanga bond opens doors for subnational instruments\",\"datePublished\":\"2024-05-16T17:06:51+00:00\",\"dateModified\":\"2024-05-16T17:50:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\"},\"wordCount\":581,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2024\/05\/sm_1715865433.219242.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanga-bond-opens-doors-for-subnational-instruments\",\"name\":\"Tanga bond opens doors for subnational instruments - 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