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.
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.