Tanzania Secure USD 1 Bln Loan for Infrastructure Projects

A statement of the State House dated 25th November 2019, informs that the Trade and Development Bank (TDB) has approved a soft loan worth USD 1 billion to Tanzania and is currently finalizing the issuance procedures for other loans worth USD 500 Million for the implementation of various development projects in the country.

On the same day, Tanzanian President, Hon. Dr. John Magufuli has met and held talks with the President and Chief Executive Officer of TDB Admassu Tadesse, thanking him for the great contribution that will support the implementation of important infrastructure projects such as the construction of the standard gauge railway, and the 359 megawatts hydropower plant on the Ruhuji River.

For his part, Mr. Tadese said TDB had a good relationship with Tanzania through the Ministry of Finance and Planning and promised that the bank will consider the request for an extension funding for the implementation of development projects in the country including the construction of a standard gauge railway from Dodoma to the western and northwestern regions of the country, connecting landlocked neighboring countries.

Established in 1985, the Eastern and Southern African Trade & Development Bank, formerly the PTA Bank, is a multilateral, treaty-based development financial institution, with assets of over USD 5.6 billion.

The bank’s membership comprises 22 Member States from across COMESA, EAC and SADC, 2 non-regional members, Belarus and China, as well as 13 institutional shareholders.

The bank finances and foster trade, regional economic integration and sustainable development through trade project and infrastructure finance, asset management, and business advisory services.