AFDB LOOSK FORWARD TO INVESTING 1.5 BLN USD IN TANZANIA OVER NEXT TWO YEARS

DAR-ES-SALAAM-- The African Development Bank (AfDB) is looking forward to investing a total of 1.5 billion US dollars in various sectors in Tanzania over the next two years, says its president, Dr Akinumwi Adesina.

He said shortly after arriving at Julius Nyerere International Airport (JNIA) here Wednesday at the invitation of President John Magufuli: "We are proud of the good relationship among us; Tanzania is among the leading beneficiaries of soft loans from AfDB.

Dr Adesina, who was received by Finance and Planning Minister Dr Philip Mpango, added that the bank had iso far nvested 3.6 billion USD in Tanzania since 1971. Ongoing projects in the country with AfDB funding are worth 2.0 billion USD.

He said the financial institution had focused on supporting investments in energy, transportation and infrastructure development, especially the construction of roads. The bank had also funded water, environment-related projects, agriculture as well as supporting the country's general budget.

In road construction, the AfDB has invested 1.1 billion USD and it expects the improved roads to ease transportation and movement of people and thus stimulate economic development and industrial growth in the country, he said.

He said Tanzania had improved the supplying of electricity to its people in various parts of the country. So far, 38 per cent of the people have access to electricity and the AfDB is planning to ensure that 82 per cent of Tanzanians are connected to electricity supplies.

Source: NAM NEWS NETWORK