The African Development Bank (AfDB) has announced specific sectors of its intervention in Tanzania’s economy next year, Footprint to Africa reports.
The development bank also commended President John Magufuli’s drive against corruption and boosting domestic revenue collection in the country.
A statement issued by the Directorate of Presidential Communication, noted that the AfDB Vice-President, Dr Frannie Leautier, made the marks when he visited and held talks with Dr Magufuli at the Chamwino State House in Dodoma on Tuesday 26th July 2016.
Dr Leautier revealed that Tanzania would benefit in five of the bank’s priority focus areas which include assistance in energy production, industry development, food security, livelihood improvement and integration of Africa.
He said AfDB had identified three areas for funding through CRDB Bank, starting next year, which include construction of residential houses, provision of loans for development of agriculture and economic viable areas in the country.
“We commend the efforts that you started with in building the nation’s economy, especially in fighting graft and improving domestic revenue. We pledge our continued support through provision of soft loans for development.
“Tanzania is the largest recipient/ beneficiary of our loans in Africa, receiving a lot of soft loans from AfDB through the African Development Trust Fund compared to other countries,” he explained.
AfDB will also provide four million US dollars to improve the Nelson Mandela Institute in Arusha. Dr Magufuli hailed the AfDB for its contribution to the country’s development through provision of soft loans channelled in building road infrastructure.