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Tanzania gets $210m from World Bank For infrastructure projects, boosting regional trade.

02 Aug

Reported by : Reuters

Tanzania has signed a $210 million loan agreement with the World Bank for infrastructure projects aimed at boosting regional trade flows, the country’s finance ministry said on Wednesday.

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The loan, provided by the World Bank’s concessionary arm International Development Association (IDA), will finance construction of roads and a border post linking Tanzania to eastern and southern African countries.

“This support has come at a time when the government is in critical need of implementing interventions to facilitate the movement of goods and people … to enable Tanzania to become the transport and logistic hub of its neighbouring countries,” Tanzania’s finance minister, William Mgimwa, said in a statement.

The nation of 45 million people is among Africa’s biggest per capita aid recipients. In its 2013/14 (July-June) budget of 18.24 trillion shillings, Tanzania says it plans to borrow 2.86 trillion shillings from domestic and external sources.

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Posted by on August 2, 2013 in Tanzania News

 

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