The Government of Tanzania aims to increase investment in priority sectors, including education, health, and agriculture, taking into account the changing nature of the country to stimulate sustainable economic growth and reduce poverty.
This was said by the President of Zanzibar and the Chairman of the Revolutionary Council, Hon. Dr. Hussein Ali Mwinyi, on behalf of the President of the United Republic of Tanzania, Hon. Dr. Samia Suluhu Hassan, while opening the International Mid-Term Review Conference of the 20th Round of the World Bank (IDA20 Mid-Term Review) held in Zanzibar on December 6-8, 2023.
The three-day conference brought together more than 300 delegates from countries that benefit from IDA, World Bank leaders, and donors who contribute money to the IDA Fund, and focused on evaluating projects implemented through loan funds and aid provided by the Fund under the World Bank.
President Mwinyi said that the IDA fund has significantly contributed to the implementation of projects in Mainland Tanzania and Zanzibar, including the Rural Electricity Project worth USD 200 million, which has enabled more than 2.5 million Tanzanians to access electricity, as well as USD 335 million that has been used for the improvement and construction of health centers and classrooms.
In addition, Hon. President Mwinyi asked the World Bank through the IFC and IDA window to look at how to lend to the private sector to facilitate competition in the free trade zone in Africa. This step will stimulate an increase in employment through regional cooperation and business.
For his part, Tanzania’s Minister of Finance, Hon. Dr. Mwigulu Lameck Nchemba Madelu (Mb), said that the theme of this IDA-20 Conference, which is Sustainable Economic Growth, Building Stability, and Supporting the Development of Human Capital, is fully in line with Tanzania’s priorities.
“The commitment of our Government in improving infrastructure, investing in human resources, and promoting good governance has greatly contributed to our development direction, as well as the leadership of President Hon. Dr. Samia Suluhu Hassan, who has made significant strides in promoting inclusion and building stability through various development programs,” said Dr. Nchema.
For his part, the President of the World Bank, Mr. Ajay Banga, has said that before reaching the year 2030, the World Bank, through the IDA Fund, will provide an amount of USD 5 billion to deliver reliable, affordable, and alternative electricity to more than 100 million Africans.
The International Development Association (IDA) is the part of the World Bank that helps the world’s poorest countries. Established in 1960, IDA aims to reduce poverty by providing zero to low-interest loans (called “credits”) and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.
IDA20 refers to the 20th replenishment of IDA, which runs from July 1, 2022, to June 30, 2025.
IDA20 is helping countries respond to multiple challenges in a post-COVID-19 world and restore their trajectory towards achieving the 2030 development goals.”