The loan, provided by the World Bank’s concessionary arm International Development Association (IDA), will finance construction of roads and a border post linking Tanzania to eastern and southern African countries.
“This support has come at a time when the government is in critical need of implementing interventions to facilitate the movement of goods and people … to enable Tanzania to become the transport and logistic hub of its neighbouring countries,” Tanzania’s finance minister, William Mgimwa, said in a statement.
The nation of 45 million people is among Africa’s biggest per capita aid recipients. In its 2013/14 (July-June) budget of 18.24 trillion shillings, Tanzania says it plans to borrow 2.86 trillion shillings from domestic and external sources. (Reuters)