12 °c
London
Wednesday, August 17, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

World Bank to invest $593 million to support projects in Tanzania

FurtherAfrica by FurtherAfrica
October 15, 2018
in Africa, Banking, Development, Economy, Finance, Infrastructure, Privatisation, Tanzania
Reading Time: 2 mins read
848 17
0
Tanzania’s T-Bills Sell Out As Interest Rises
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

World Bank Group continues to demonstrate its support to Africa with multi-million financial investment.

 

World Bank Group has injected over $500 into various projects to be implemented in Tanzania.

According to World Bank’s Country Director Bella Bird said the financial institution’s fund aid to Tanzania is approaching its final stages. The development bank should finalize the injection of $593 million into the economy to prop up educational projects in the nursery and secondary level.

The gross enrollment rate in primary education is 93% for both girls and boys combined in Tanzania according to Education Policy Data Center. Last year, however over 40 percent of adolescents could not access quality lower-secondary education.

During her meeting with Tanzania President John Pombe Magufuli, she reminded the Head of State of other projects the financial institution is funding in the country worth $4 billion. World Bank has supported Tanzania’s growth through policy analysis, grants, and credits, with a focus on infrastructure and the private sector to boost economic performance.

Their meeting entailed discussion on the progress of the development projects overseen by World Bank in the country. The World Bank Group’s current portfolio in Tanzania includes 25 operations with a commitment of nearly $3.95 billion, most of which is allocated to transport, according to its website. Since the kick off of the new year 2018, two projects are currently ongoing.

Development support for Tanzania statistics is an active project with an initial cost of $8.56 million for the statistics sector approved in August. Sustainable Rural Water Supply and Sanitation Program is a six-year operation that aims to increase access to rural water supply and sanitation services. It has a total cost of $740 million and has a commitment cost of $350 million.

Tanzania’s latest GDP was $47.333 billion in 2016. Its annual GDP growth for the year 2018 is 6.597, a slight increase from the previous year recorded at 6.362. The nation still has the potential to stir its performance with the country’s industrialization dream to become a middle-income economy by 2025, an initiative driven by the President.

The World Bank approved a $455 million credit under its International Development Assistance (IDA) programme to the financing of power projects and construction of high voltage transmission infrastructure to connect Tanzania to regional power markets in southern and eastern Africa.

Tanzania expects to reap close to $5 billion annually in gas exports revenue through the proposed liquefied natural gas project boasting of around 57 trillion cubic feet (tcf) of proven but undeveloped natural gas reserves. The construction of the Liquefied Natural Gas (LNG) plant will commence in 2022 as announced earlier by the Energy minister.

The World Bank’s purpose for economic development and poverty elimination has stirred its vision to help African economies that are avidly affected by such barrier. Their financial inclusions have drawn potential investors to their business environments in search of investment opportunities to carry the dream along and ease the burden on the African governments.

Source: The Exchange

Related

Tags: Bella Birdboost economic performanceEducation Policy Data Centereducational projectsEnergy MinisterinvestJohn Pombe Magufuliliquefied natural gasLNGPrivate SectorprojectssupportTanzaniaTanzania presidentWorld Bank GroupWorld Bank’s Country DirectorWorldBankтанзанияتنزانياタンザニア坦桑尼亚
ScanSendShare346Tweet216Share61Pin78Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Kariba Dam rehabilitation commences
Government

Angola promotes approach to public policy evaluation system

by FurtherAfrica
August 17, 2022
Economy

Mozambique economy grew 4.37% in H1

by Club of Mozambique
August 17, 2022
Economic Diplomacy and Diaspora as a driver for growth and internationalisation
Interview

Economic Diplomacy and Diaspora as a driver for growth and internationalisation

by Elizabeth Khumalo
August 17, 2022
AfCFTA to help Africa rebuild after virus, even if delayed
Trade

How easy is it to do cross border trade in Africa?

by The Exchange
August 17, 2022
Economy

Mozambique economic stimulus measures renew businesses confidence

by Club of Mozambique
August 17, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Kariba Dam rehabilitation commences
Government

Angola promotes approach to public policy evaluation system

by FurtherAfrica
August 17, 2022
0

The Public Policy Assessment system, with the aim of developing skills for analytical exploration and other procedural methods, was one...

Read more

Mozambique economy grew 4.37% in H1

August 17, 2022
Economic Diplomacy and Diaspora as a driver for growth and internationalisation

Economic Diplomacy and Diaspora as a driver for growth and internationalisation

August 17, 2022
AfCFTA to help Africa rebuild after virus, even if delayed

How easy is it to do cross border trade in Africa?

August 17, 2022

Mozambique economic stimulus measures renew businesses confidence

August 17, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,544 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
 

Loading Comments...