Tan­za­nia gets Sh162bn World Bank pack­age to fund eco­nomic re­vival

The Star (Kenya) - - News -

Tan­za­nia has se­cured $1.6 bil­lion (about Sh162 bil­lion) in loans and grants from the World Bank. The coun­try said it will use the money to help end chronic power short­ages, re­build its rail­ways and de­velop its farm­ing. The East Africa’s sec­ond-big­gest econ­omy is re­vamp­ing its power gen­er­a­tion. It hopes to use some of its es­ti­mated 57 tril­lion cu­bic feet of nat­u­ral gas re­serves to cut its re­liance on oil-fired and hy­dro power plants. Tan­za­nia’s Fi­nance min­istry said in a state­ment on Thursday that it had se­cured the loans ahead of the an­nual meet­ings of the IMF and the World Bank in Washington, D.C. this week. “The fi­nan­cial pack­age will help the gov­ern­ment to im­prove var­i­ous in­fra­struc­ture and speed up the devel­op­ment of the man­u­fac­tur­ing sec­tor, while at the same time im­prov­ing the busi­ness en­vi­ron­ment for the pri­vate sec­tor,” Cen­tral Bank gov­er­nor Benno Ndulu said in a state­ment.

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