The World Bank (WB) has agreed to provide Tanzania with a concessional loan and support worth USD 1.7 billion, equivalent to approximately TZS 4 trillion, for implementing various economic and social development projects in the fiscal year 2019/2020.
Among the projects that will benefit from the loan are education programs where the Bank has increased funding from USD 300 million to USD 400 million, and projects to support poor households through the Tanzania Social Action Fund (TASAF) where the Bank has increased its support from USD 300 million to USD 450 million.
The rest of the financing will be used to implement various projects in road infrastructure, water, health, agriculture, good governance, and business environment.
The Government of Tanzania plans to spend a total of TZS 33.1 trillion (USD 14.3 billion) in the financial year 2019/20, equivalent to 1.9% of the current budget of 2018.
The Budget focuses on the National Five Years Development Plan 2016/17-2020/21 to build an industrial economy and improve the welfare of the citizens.
Until now the WB has funded 21 development projects in Tanzania for a total of USD 4.8 billion, equivalent to TZS 11 trillion.