At the 2025 CFO Awards for East Africa, Dipen Patel was named Tanzania's CFO of the Year.
Dipen discusses the toughest decisions behind the $60 million IFC-Standard Bank expansion financing deal and why sustainability-linked finance will become mainstream in 2026.
Winning Tanzania's CFO of the Year is a major milestone. What part of your work on Kioo's expansion financing felt most defining for you personally?
Winning Tanzania's CFO of the Year is truly humbling, and when I reflect on Kioo's expansion financing journey, the most defining moment for me was aligning a long-term financial structure with the company's vision for the next decade. Securing financing for a capital-intensive manufacturing expansion in a volatile macroeconomic environment required balancing ambition with discipline.
For me personally, the most defining part was leading a financing strategy that not only met the scale of investment required but also safeguarded the company's resilience. This meant bringing together diverse stakeholders and shaping a structure that everyone could trust. It taught me the power of collaboration, transparent communication, and data-driven decision-making.
Securing $60 million in combined IFC and Standard Bank financing is no small feat. What was the toughest decision you had to make during that process?
The toughest decision during the $60 million IFC–Standard Bank financing was choosing to stay disciplined on the structure rather than accept quicker, but less favourable, terms. At several points, we had faster options available, meaning smaller facilities, shorter tenors, or covenants that would have shifted more risk onto the business.
I made the deliberate choice to hold the line and negotiate for a structure that protected cash flow, managed currency exposure, and ensured long-term sustainability of the project. It required patience, alignment across many stakeholders, and turning down easier paths. But securing the right deal, not just any deal, was the most difficult and defining decision.
How does it feel to be recognised for your achievements?
It feels incredibly humbling to be recognised in this way. As a CFO, much of the work happens behind the scenes, so receiving this recognition is truly meaningful. But above all, this achievement is not mine alone. I am deeply grateful for the exceptional support of the entire Kioo team. Without their hard work, collaboration, and belief in our shared vision, I would not be standing here.
Our board, management, and finance team have been instrumental in every milestone we've achieved. For me, this recognition is a reflection of collective effort, trust, and teamwork. It motivates me to continue raising the bar and contributing to both Kioo's growth and Tanzania's broader manufacturing sector.
Kioo became the first manufacturer in Tanzania to adopt science-based target methodologies. How do you see sustainability-linked finance evolving in 2026?
Sustainability-linked finance is becoming much more performance-driven, and in the current scenario I expect it to mature significantly. Lenders will place greater emphasis on measurable outcomes like energy efficiency and carbon-intensity reductions rather than broad commitments.
We'll also see wider access, with more regional banks and DFIs offering products tailored to manufacturers. And importantly, financing costs will become more closely tied to actual sustainability performance. Overall, sustainability-linked finance will move from being a niche option to a mainstream part of industrial financing in Tanzania.
Looking ahead, what capability or mindset do you think Tanzanian finance teams will need to build most urgently?
The most urgent capability Tanzanian finance teams need to build is a data-driven, forward-looking mindset. Finance can no longer focus only on historical reporting; teams must be able to analyse trends, model scenarios, and support strategic decisions in real time.
This requires stronger digital skills, comfort with analytics, and the ability to translate numbers into actionable insights for the business. Just as importantly, it calls for a mindset shift from record-keeping to value creation so finance becomes a true strategic partner in driving growth and resilience.
On a personal note, what are your holiday plans after such a big professional year?
No major holiday plans for now. Our focus remains fully on completing Project K3 and the successful addition of the third furnace at Kioo. Once we finish this key milestone, I'm hoping to finally unwind a bit and, if time allows, plan a long-awaited trip to Japan.
As you think about 2026, what is one thing you are most looking forward to in your career or at Kioo?
In 2026, I'm most looking forward to seeing Project K3 come to life and witnessing the impact it will have on Kioo's competitiveness and capacity. The successful commissioning of the third furnace will be a major milestone for the company and for the manufacturing sector in Tanzania. Professionally, I'm excited about the opportunity to continue strengthening Kioo's financial systems, deepen our sustainability efforts, and support the next phase of growth. It's a year where the groundwork we've laid will start translating into real transformation.
