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The World Bank has approved two separate loans worth about USD 1.14 billion combined to Tanzania to support its private sector, develop its commercial capital, and fight the effects of climate change.
The World Bank has approved two separate loans worth about USD 1.14 billion combined to Tanzania to support its private sector, develop its commercial capital, and fight the effects of climate change. The first tranche of financing worth USD750 million – called Development Policy Financing – is meant to finance reforms such as making business licensing faster and broadening access to cheap credit to accelerate private sector growth.
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.
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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.
