World Bank approves new Tanzania loans worth $1.14 bln | Reuters

[Gunnar Larson]

https://www.reuters.com/world/africa/world-bank-approves-new-tanzania-loans-worth-114-bln-2023-12-21/


NAIROBI, Dec 21 (Reuters) - The World Bank has approved two separate loans
worth about $1.14 billion combined to Tanzania to support its private
sector, develop its commercial capital and fight effects of climate change,
the bank said.

The first tranche of financing worth $750 million - called Development
Policy Financing - is meant to finance reforms such as making business
licensing faster and also broaden access to cheap credit to accelerate
private sector growth, the bank said in a statement late on Wednesday.

The second lot of $385 million will go towards financing infrastructure and
building institutions that will help Tanzania's commercial capital Dar es
Salaam to cope with the effects of climate change, the bank said.

"Tanzania remains very vulnerable to climate change and is limited in its
preparedness to adapt and respond to the adverse impacts," Nathan Belete,
World Bank country director for Malawi, Zambia, Zimbabwe and Tanzania, was
quoted as saying in the statement.

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Out of the east African country's 44.39 trillion Tanzanian shillings budget
for 2023/24 (July-June) the government expects to borrow 2.1 trillion
shillings from external sources.

World Bank's loans typically carry low to zero interest with long repayment
periods.
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