Tuesday, November 12, 2019
   
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The African Development Bank (AfDB) has approved a loan worth 455 million U.S. dollars (about TZS 1.5 trillion) to Tanzania for construction of Msalato airport and ring road in the capital, TPJ has learnt.

A statement issued by the Ministry of Foreign Affairs and East African Cooperation recently said the approval of the loan was announced by AfDB President Akinwumi Adesina, during talks with Minister for Foreign Affairs and East African Cooperation Prof. Palamagamba Kabudi at the bank’s headquarters in Abidjan, Cote d’Ivoire.

According to the statement, of the said amount, 180 million dollars will be spent on construction of a ring road and 275 million dollars is for construction of the airport.

“The bank is impressed by economic reforms being implemented in Tanzania under the leadership of President John Magufuli and will continue to support Government efforts aimed at turning the country into an industrial economy,” the statement reads in part, adding that the bank’s main objective was to ensure African countries are fully supported in their development endeavours.

Prof. Kabudi, who represented the Minister for Finance and Planning Dr. Philip Mpango at the two-day extraordinary meeting of ministers for finance which was organized by the AfDB in Abidjan, thanked the AfDB for supporting the country’s efforts towards development.

The statement also quoted Prof Kabudi as saying that talks were ongoing and at an advanced stage between Tanzania and the AfDB on the financing the standard railway line from Isaka to Kigali.

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