Tanzania agrees to $1.7 billion financing deal with World Bank

The agreement includes a $400million loan for education and $300million for a poverty reduction programme.

Tanzania shook hands on a new $1.7 billion financing deal with the World Bank to fund various projects during fiscal year 2019/20, its finance ministry announced.

The agreement, which is comprised of low-interest loans and grants, includes a $400million loan for education and $300million for a poverty reduction programme.

“Part of the financing will also be used to fund various infrastructure projects, such as roads, water, information and communication technology and energy”, the ministry said in the statement.

Tanzania plans to raise its total spending in 2019-20 (July-June) slightly to 33.11 trillion shillings ($14.16 billion), with the funds going towards improving roads, railways and rural electricity supplies.

Your Friends Also Read:  Fuel Prices in Tanzania Rise Despite Subsidies

The financing deal was reached during talks between Tanzania’s finance and planning minister, Philip Mpango and the World Bank Vice President for Africa, Hafez Ghalem in Washington.

The spending is up from 32.48 trillion shillings in the fiscal year that will end in June.

Loans and grants are a big source of foreign currency for Tanzania.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng


Leave a Reply

Previous Article

African Development Bank approves Central Africa strategy

Next Article

Senegalese fishermen in Mauritanian waters

Related Posts