PRIME Minister Kassim Majaliwa has commended the essential role of Citi banks in driving global economic development.

The comments came after a meeting with John Dugan, the Citibank board chairman, at the bank's head offices in New York, where he said the bank’s facilities helped in facilitating access to loans, providing financial advice and significantly financing projects.

He pointed at the longstanding partnership between the government and Citibank, which spans over 35 years, during which the bank has provided valuable financial guidance through the Bank of Tanzania (BoT).

"The government is very grateful to Citibank for its contributions to economic development," he stated, elaborating that this includes facilitating loan access, advising on financial matters, and financing key projects currently underway in the country.

Citibank has supported companies involved in constructing the standard gauge railway (SGR), financing a segment of the railway as well as the development of Pemba Airport.

"When Tanzania faced fuel shortages for machinery and vehicles, the bank assisted traders in sourcing fuel at lower prices," he specified, citing the fact that Citibank, in partnership with the United States International Development Finance Corporation, a financial institution working with the United States Agency for International Development (USAID).

It has provided loans to small traders, creating more opportunities for women and young entrepreneurs to start their own businesses, the premier noted.

The board chairman reaffirmed Citibank's commitment to collaborating with the Tanzanian government on various development initiatives, underlining that the partnership has lasted over four decades.