Tanzania||Good news! The World Bank approves a huge loan to Tanzania

Recently, Tanzania’s Minister of Finance and Planning, Mwigulu Nchenba, stated that the World Bank has approved a loan of 2.3 trillion Tanshin to promote the country’s economic and social development.

Mwegulu Nchenba, Minister of Finance and Planning of Tanzania

Minister Mwegulu Nchenba stated that the loan was mainly concentrated in four major projects, namely rural road upgrading and social reform, teacher training for higher education institutions, Internet popularization, and Zanzibar’s power system upgrade.Among them, the rural road upgrading project mainly includes the conversion of 535 kilometers of rural roads into asphalt roads in six districts in the provinces of Iringa, Woodland, Geta, and Tanga.

In April 2021, President Hassan reiterated his wish to cooperate with the World Bank to promote local economic development in Tanzania during his meeting with representatives of the World Bank. The approval of the huge loan will undoubtedly have a profound impact on the local economic and social development.