THE National Social Security Fund (NSSF) has announced plans to implement a multi-purpose investment project in the national capital, including a five-star hotel.

The ambitious project, whose initial phase is expected to cost 148.4 billion/-, is expected to get going from May 2025. It will include a 120-room hotel featuring a presidential suite as well as office spaces for commercial businesses, a sports bar and a commercial bank.

The twin-tower complex is expected to stimulate economic growth and tourism in the capital city, it was announced here on Friday.

NSSF Director General Masha Mshomba unveiled the news during a visit to the project site graced by Dodoma regional commissioner Rosemary Senyamule.

The visit ran alongside a tree-planting activity in the city’s Njedengwa suburb involving members of the NSSF management team.

Mshomba stated that NSSF decided to invest in the project “because investment activities are crucial in preserving the value of members’ contributions to enable the Fund to pay member benefits”.

He said the implementation of the project will begin in May 2025 and will take within three years to complete, adding: “The benefits expected from investment project include promoting conference tourism, attracting investors and creating direct and indirect jobs.”

The DG expressed gratitude to President Samia Suluhu Hassan for her efforts to improve the country’s investment sector and open the doors for more and more Tanzanian and foreign investors to invest in Tanzania.

He said these efforts have enabled NSSF to achieve significant milestones in recent years, including increasing membership size and contributions, which have raised the Fund’s value to 8.5 trillion/-.

“All these achievements stem from the president’s remarkable efforts to enhance the investment sector, as well as the supervision from the fund’s Board of Trustees as well as guidance from the Prime Minister’s Office and the Bank of Tanzania,” he added.

Mshomba explained that during her visit to Mwanza Region in June 2023, President Samia toured the site earmarked for the project and advised NSSF to consider investing in various other parts of the country. The current Mwanza city project is thus in line with NSSF’s investment strategy while also tallying with the president’s vision.

Speaking at Friday’s event, Senyamule applauded NSSF for initiating the project, which she said would drive economic growth and tourism in the region in general and the country’s capital city in particular.

She added that the investment would elevate the status of both the country’s Central Zone status and the nation as a whole.

The RC noted that the government continues to implement various strategies aimed at boosting the economy and tourism, with many already having started to bear fruit.

She cited the launch of ‘The Royal Tour’ documentary featuring President Samia as a key factor behind the increase in the number of foreign tourists Tanzania kept witnessing.

Helmes Pantaleo, NSSF’s project management engineer, earlier said the 16-storey building would feature three sections: offices, a hotel, and large retail shops.