World Bank And JICA Award Tanzania With USD 280 Million Fund To Boost Economic Growth

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The Tanzanian Government has recently announced that it has received a total fund of USD 280 million for the implementation of a number of development projects in the country.

The fund, partially awarded by the World Bank with USD 230 million and by the Japan International Cooperation Agency (JICA), will be used in three key factors to boost Tanzania’s growth.

USD 100 million will be used to enhance transparency, USD 800 million are dedicated to create conducive business environment and the remaining balance is meant to improve the social insurance sector.

The announcement, done by the Tanzanian Permanent Secretary in the Ministry of Finance, Dr. Servacius Likwelile, took place in the last Annual Meetings between the World Bank Group and the International Monetary Fund (IMF) between October 9th – 11th, 2015 in Lima, Peru.

JICA Vice President Hiroshi Kuto explained during the meeting that the Japanese Government plans to support the development of roads’ infrastructure across Tanzania to boost business activities and tourism.

The World Bank together with the UK Department for International Development (DFID) and the Japanese Government will closely work and invest together on the central railway system to keep improving the transport sector, Dr. Likwelile added.

The World Bank currently supports Tanzania with 25 projects totaling a commitment of USD 865 million most of which is destined to the transport sector.

World Bank’s support to Tanzania in the recent years totals USD 3.95 billion while JICA’s help totals JPY 235 billion (USD 2 billion).

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