M a r k e t N e w s

Tanzania: AfDB Gives US$ 200 Million Support to Boost Infrastructure

Posted on : Thursday, 21st July 2016

African Development Bank (AfDB) has announced a 200 million US dollars (over 400bn/-) support to the country's transport sector reforms during the 2016/17 fiscal year.

 
AfDB Vice-President responsible for Human Resources and Governance Alberic Kacou unveiled the financial support in Dar es Salaam when he visited Finance and Planning Minister Dr Philip Mpango yesterday.
 
Dr Kacou, accompanied by the bank's Resident Director Tania Kandiero, said the Bretton Woods' institution support had increased by 50 million US dollars (over 100bn/-) from the previous fiscal year's 150 million US dollars.
 
"Aid and loan issued by the bank to Tanzania now stand at 1.9 billion US dollars," explained Dr Kacou.He described Tanzania as the bank's largest recipient in the continent, thanks to her strategic development plans that meet the bank's set requirements.
 
"We have five investment targets -- energy, food production, industrial development, link and improve people's welfare," he said, applauding efforts by President John Magufuli, especially in fighting embezzlement and enhancing discipline in public finances.
 
Dr Mpango welcomed the delegation, appreciating the continued budget support through the General Budget Support (GBS). The minister said the government was committed to implement its development plans, including revival of the central line by upgrading to standard gauge and procurement of three passenger aircrafts.
 
"We have also resolved to buy new ship to ply in Lake Victoria and we have planned to repair two other ships; one in Lake Tanganyika and another in Lake Victoria to improve marine transport services," he explained.
 
Dr Mpango noted that the government was moving to promote industrial development through its second development plan that seeks to transform the country into a middle income country by 2025.
 
"The plan is in line with improving agricultural sector to assure availability of raw materials produced by our farmers... besides increasing farmers' income, we will also support industrial growth," the minister told the visiting AfDB Vice-President.
 
Dr Mpango reiterated that the government would not be driven by financial support given under complicated requirements and non beneficial to the nation. "We will not take aid whose conditions contradict our needs and development priorities," emphasised the minister.
 
He added that the government resolve to strengthen its internal sources of revenue collection coupled with massive awareness campaign to pay tax and expenditure control were yielding positive results.

Source : allafrica.com
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