WB investments hits 16.7tri/-

…Impressed with TZ sound economic management

THE World Bank (WB) investments in Tanzania have notched more than 7.2 billion US dollars (about 16.7tri/-), directed towards implementation of over 29 projects.

The financing is aimed at supporting the country’s endeavour of promoting its socio-economic development.

Out of the projects, 24 schemes worth 6.41 billion US dollars are national, and another five valued at 0.75 billion US dollars are regional.

They include the second phase of the Tanzania Social Action Fund (TASAF) programmes, maternal and child health programme, sustainable rural water supply and sanitation programme and the Dar es Salaam Bus Rapid Transit (BRT) phase III among others.

This was unveiled by the WB Executive Director of the Africa Group 1 Constituency, Dr Floribert Ngaruko when he met and held bilateral talks with a delegation from Tanzania led by Finance and Planning Minister Dr Mwigulu Nchemba, at the Spring Meetings of the World Bank and the International Monetary Fund (IMF), in Washington DC in the United States.

Dr Ngaruko, who is the new Executive Director of the World Bank in the region, hailed Tanzania for its sound economic management and implementation of various development projects that receive funds from the institution compared to many other African countries.

“Tanzania is a model country in the management of economic and financial policies where, despite the challenges of Covid-19 and the ongoing war between Russia and Ukraine, the Bank’s assessment shows that the country’s economy is strong compared to other African countries,” said Dr Ngaruko.

He added “Tanzania is an exemplary country for active management of broad economic issues, not for East African countries, but for African countries, where the average economic growth rate of 5.4 per cent is high, and I congratulate them very much.”

The Executive Director further commended the strong relationship that exists between Tanzania and WB, expressing the banks commitment to continue extending as part of efforts to develop the economy and poverty eradication and dish out funds for implementation of various socio-economic projects as well as provide technical assistance.

During the meeting, Dr Nchemba noted that Tanzania’s economy was getting stronger, pledging to continue taking concrete measures to ensure the economy was improving further in bringing relief to the people.

He elaborated that during the third quarter of the year 2022/2023, the economy grew by 5.2 per cent compared to the growth of 4.8 per cent in the same period in the previous fiscal year 2021/2022.

He attributed the growth to the ambitious plans set by the government, indicating that prospects show a growth averaged to more than 6.3 per cent in the next few years.

Dr Nchemba acknowledged the Bank’s Board of Directors for approving Tanzania 1.635 billion US dollars in the 20th cycle of IDA (July 2022 – June 2025) for the implementation of six development projects in various sectors that are expected to stimulate the economic growth of the country as well as reduce poverty among the people.

“The sixth phase government under the leadership of President Dr Samia Suluhu Hassan expressed commitment to effectively manage and utilise the funds to achieve intended goals,” asserted the minister.

On her part, Zanzibar Minister of State, President’s Office- Finance and Planning Dr Saada Mkuya Salum, applauded WB for supporting the prosperity and development of the people of Zanzibar by financing various social and economic projects, including education and the construction of air transport infrastructure.

“The construction of the infrastructure has promoted the tourism sector, although we face a challenge on access to reliable electricity…we will continue to cooperate with WB to tackle the challenge and other challenges,” noted Dr Mkuya.

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