Tanzania gets Sh162bn World Bank package to fund economic revival
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.