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- Feb 26, 2006
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By: ANNE ROBI
Source: Daily News of Nov 5, 2008
The World Bank yesterday gave Tanzania a 160trn/- (160m US dollars) soft loan repayable in 40 years after a 10-year period of grace. The loan is deemed as the banks contribution to the general budget support for fiscal year 2008/09.
An agreement on the loan, a third in the financing programme, was signed in Dar es Salaam by the Permanent Secretary in the Ministry of Finance and Economic Affairs, Mr Gray Mgonja and the World Bank Country Director, Mr John Mclntire.
Mr Mgonja said at the function that the money would be used to reduce poverty, adding that infrastructure, education, health, agriculture and water projects will benefit from the loan. He praised the loan as a good source of finance, saying it is cheaper finance compared to other types of finances from other external sources.
Mr Mgonja said the money would be disbursed after getting the approval from the Attorney General, Mr John Mwanyika. Mr Mclntire said the bank was dedicated to support the governments efforts by contributing to the general budget support.
Source: Daily News of Nov 5, 2008