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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
AfDB to pump in 1.5 bln USD for Tanzania’s development

ARUSHA Tanzania (Xinhua) -- The African Development Bank (AfDB) is set to inject 1.5 billion U.S. dollars into various Tanzanian development projects in the next two years, the bank’s president Akinwumi Adesina announced on Wednesday.

According to a statement issued by Ben Mwaipaja, Tanzania’s Ministry of Finance and Planning spokesperson, Adesina made the pledge at Dar es Salaam’s Julius Nyerere International Airport (JNIA) on arrival for a working visit to the east African nation.

The AfDB boss said ongoing projects financed by the bank are worth two billion dollars in the areas of infrastructure, energy, agriculture, water and sanitation.

“We at AfDB are very proud of our relationship with the United Republic of Tanzania which dates back to 1971. The bank has so far invested a total of 3.6 billion U.S. dollars in the country in grants and aid,” he said.

He explained that the bank has invested 1 billion dollars in infrastructure development alone, the aim being to improve transportation in the country and hence spur economic growth.

In the energy sector, AfDB has pumped in 220 million dollars for a 400KV electricity transmission line measuring 670 kilometres in the southern and western parts of Tanzania, he said.

“These projects will complement the efforts of President Magufuli who is working hard to turn Tanzania into an industrialized economy,” Adesina noted.

He added that AfDB also plans to help transform the Tanzania Electric Supply Company into an efficient and profitable firm capable of producing and distributing electricity at a reasonable price.

Tanzania’s Finance and Planning Minister Philip Mpango, who received Adesina at the airport, described AfDB as Tanzania’s true partner in development.

Adesina is in the country at the invitation of Tanzanian President Magufuli and is scheduled to deliver remarks at this year’s national Union commemoration event at the Jamhuri Stadium in the country’s capital, Dodoma on Thursday.

           

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