IFC Invest USD 1.2 M in Tanzanian Bond to Support Access to Mortgages
The International Finance Corporation (IFC)—a member of the World Bank Group—subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC) to help…
World Bank in Tanzania
The World Bank’s active portfolio in Tanzania includes 17 national International Development Association (IDA) projects with total net commitments of USD 3.86 billion.
Key sectors supported include transport (23%), urban development (7%), education (20%), energy (17%), water (13%), social protection (10%), health/nutrition (5%), environment/natural resources (4%) and governance and poverty projects make up 2% of the portfolio.
Tanzania is also included in seven regional projects, with its total commitments reaching USD 728 million supporting transport, energy, environment, health, and education.
In March 2018, the Bank’s Board of Executive Directors endorsed the new Tanzania Country Partnership Framework 2018-2022 (CPF).
Aligned with the priorities identified in Tanzania’s Second Five-Year Development Plan and Zanzibar’s Third Strategy for Growth and Reduction of Poverty, the CPF has three focus areas: (1) enhance productivity and accelerate equitable and sustainable growth, (2) boost human capital and social inclusion, and (3) modernize and improve the efficiency of public institutions.
The CPF 2018-2022 will deepen investments in transport, information and communication technology, and energy to support spatial transformation and inclusive growth, and will significantly scale up human capital development.
Given the key role of the private sector, the new framework will innovate to maximize access to finance and generate jobs for Tanzania’s development.
Supporting the World Bank’s program for Tanzania, the International Finance Corporation’s (IFC’s) total investment stands at USD227.4m focusing on: oil, gas and mining (USD77.2m), agriculture and forestry (USD33.7m), finance and insurance (USD84.9m), accommodations and tourism services (USD25.5m) and energy (USD6.18m).
In April 2021, the Resident Director of the World Bank in Tanzania Ms. Mara Warwick held talks with the country’s President Samia Suluhu Hassan, assuring her that the Bank will continue cooperating with Tanzania in building its economy and helping the poor.
In particular, Ms. Warwick mentioned that the World Bank is likely to increase its financial support to Tanzania in 2021 with five new projects worth USD 1.15 billion, and will add even more projects in 2022.
Last Updated: 20th April 2021
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