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Tanzania agrees $1.7 billion financing deal with World Bank

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Christian Fernsby |
Africa   The deal includes a $400m loan for education and $300m for a poverty reduction

Tanzania has agreed a new $1.7 billion financing deal with the World Bank to fund various projects during fiscal year 2019/20.

The agreement, which is comprised of low-interest loans and grants, includes a $400m loan for education and $300m for a poverty reduction programme.

"Part of the financing will also be used to fund various infrastructure projects, such as roads, water, information and communication technology...and energy," the ministry said in the statement.

Tanzania plans to raise its total spending in 2019-20 (July-June) slightly to 33.11 trillion shillings ($14.16 billion), with the funds going towards improving roads, railways and rural electricity supplies.

The financing deal was reached during talks between Tanzania's finance and planning minister Philip Mpango and the World Bank Vice President for Africa Hafez Ghalem in Washington.

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