THE World Bank (WB) has promised to provide Tanzania with a soft loan amounting to $1.7bn (about 4tri/-) to implement various social and economic development projects in the 2019/20 financial year.
The promise was made in Washington DC yesterday by WB Vice-President Africa Zone Hafez Ghanem during a meeting with the Tanzanian delegation led by Minister for Finance and Planning, Dr Philip Mpango.
The WB Vice-President assured President John Magufuli that WB had good working relations with the government of Tanzania, adding that WB was ready to work with Tanzania so that the East African nation could meet its expected development targets.
Projects expected to be financed with the loan include education and the implementation of Tanzania Social Action Fund (Tasaf) Project. In education, WB has increased its funding from $300m to $400m, while for Tasaf, WB’s funding has increased from $300m to $450m.
According to arrangements, the remaining amount of money will be spent on financing other development projects in transport, water and energy infrastructure.
Other areas to benefit are health, good governance, nutrition, finance, information and communication technology (ICT) and the environment and natural resources.
Speaking during the meeting, Dr Mpango expressed his gratitude to the WB leadership for financial support it had been extending to Tanzania. Until now WB has financed 21 projects worth $4.8bn (about 11tri/-).
Dr Mpango assured the WB leadership that the government would continue addressing challenges facing its people, urging the financial institution to continue supporting Tanzania to fight against poverty.
The Tanzanian delegation to Washington DC led by Dr Mpango consists of several government officials, including Bank of Tanzania (BoT) Governor, Prof Florence Luoga.
The delegation is attending conferences organised by WB and the International Monetary Fund (IMF).
