Tanzania to get $1.14bn from World Bank in new loans
The World Bank has given its approval for two separate loans totaling approximately $1.14 billion to be allocated to Tanzania. The funds are earmarked to support the country's private sector, facilitate the development of its commercial capital, and address the challenges posed by climate change, according to the World Bank's statement.
The first portion of the financing, amounting to $750 million and referred to as Development Policy Financing, is intended to support reforms aimed at expediting business licensing processes and enhancing access to affordable credit. These reforms are expected to accelerate the growth of the private sector in Tanzania.
The second tranche, totaling $385 million, will be directed towards financing infrastructure projects and establishing institutions that will assist Dar es Salaam, Tanzania's commercial capital, in adapting to and mitigating the impacts of climate change, as highlighted by the World Bank.
Points clés à retenir
Tanzania continues to face significant vulnerability to the impacts of climate change, and its capacity to adapt and respond to these challenges is limited. In the budget for the fiscal year 2023/24 (July-June), which amounts to 44.39 trillion Tanzanian shillings, the government anticipates borrowing 2.1 trillion shillings from external sources to address these pressing issues. Notably, loans from the World Bank typically come with low to zero interest rates and extended repayment periods, providing financial support for initiatives aimed at climate resilience and adaptation in Tanzania.
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