🇹🇿 World Bank approves new Tanzania loans worth $1.14 bln
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.
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," World Bank country director for Malawi, Zambia, Zimbabwe and Tanzania said.
#Tanzania
@africaintel
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.
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," World Bank country director for Malawi, Zambia, Zimbabwe and Tanzania said.
#Tanzania
@africaintel