BANGKOK: TANZANIA has been allocated 2.54 billion US dollars (about 6.6tri/-) under the World Bank’s International Development Association (IDA-21), while financing commitments exceeding 760 million US dollars (about 2.0tri/-) have also been reported, Finance Minister Ambassador Khamis Mussa Omar has said.
He said the funding arrangements formed part of Tanzania’s development partnership with the World Bank, which supports strategic projects in energy, transport infrastructure and human capital development. Amb Omar made the remarks yesterday during talks with outgoing World Bank Executive Director for the Africa Group 1 Constituency, Dr Zarau Kibwe, on the sidelines of the International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.
He said Tanzania had benefited from nearly 6 billion US dollars (about 15.6tri/-) under the previous IDA-20 financing cycle, while additional projects under IDA-21 were still being prepared for implementation.
The minister thanked the World Bank for supporting development initiatives, particularly efforts to expand electricity access and strengthen eration aligned with the Mission 300 initiative, which seeks to increase electricity access across Africa.
“Tanzania is also working with the institution to improve the Central Corridor, with the aim of transforming it from a transport route into an economic development corridor that attracts investment, creates jobs and stimulates growth in areas served by the infrastructure,” he said.
Amb Omar said improved links between ports, railways and other transport facilities would facilitate trade and strengthen Tanzania’s role as a regional transport and economic hub.
He added that the government valued Dr Kibwe’s contribution to international development initiatives, including the Human Capital Summit held in Dar es Salaam in July 2023 and the IDA Mid-Term Review meeting held in Zanzibar in December 2024.
For his part, Dr Kibwe congratulated Tanzania on strengthening its development partnership with the World Bank, noting that the value of projects undertaken through the cooperation had increased from about 4 billion US dollars (about 10.4tri/-) when he began his tenure to the current level.
“Tanzania should continue pursuing investment opportunities in infrastructure and mining, as it is among 30 countries being considered under a World Bank initiative aimed at advancing mineral-sector development,” he said.
He further said the initiative focuses on improving governance and management of the mining sector, developing infrastructure to support mineral extraction and transportation and expanding access to capital and investment.
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Meanwhile, CRDB Bank Plc has secured financing agreements worth 111 million US dollars (over 293bn/-) to expand business lending and support affordable housing and construction in Tanzania and the Democratic Republic of Congo (DRC).
The agreements were announced at the CRDB Africa Investment Forum in Bangkok, Thailand, where Ambassador Omar called for international partnerships to deliver tangible economic benefits through investment, trade and job creation.
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