World Bank pledges more financial support to Tanzania
The World Bank said Monday that Tanzania would be able to access an estimated 2.4 billion U.S. dollars in concessional financing over the next three years, an increase of half a billion dollars over the past three-year period.
Visiting World Bank President Jim Yong Kim said the bank was encouraged to hear about the tremendous reform efforts by the the government of President John Magufuli.
He made the remarks at the launching ceremony for the construction of Ubungo Interchange in Dar es Salaam undertaken by China Civil Engineering Construction Corporation (CCECC), which is funded by the World Bank with a total of 80.96 million dollars.
"You've eliminated wasteful government spending, while scaling up investments in infrastructure and rightly investing in education," Kim told Magufuli at the ceremony.
He encouraged Tanzania to invest in people, education, healthcare, and social protection for the poorest and most vulnerable.
President Magufuli said construction of the Ubungo Interchange was expected to ease transportation in the commercial capital Dar es Salaam as well as contribute to its scenic beauty upon completion.
"The Ubungo Interchange is the next step in the Dar es Salaam Urban Transport System," said Magufuli. The construction of the interchange was scheduled to last 30 months.
The World Bank is currently financing 23 national projects amounting to 3.6 billion dollars, in addition to seven regional operations, through which Tanzania accesses 551 million dollars in financing, reaching a total commitment of 4.3 billion dollars.
The bulk of this support (22 percent) focuses on the transportation sector, followed by urban development (20 percent).