TANZANIA has supported the proposal by the African Development Bank (AfDB) to increase its capital to enable it meet its financial obligations in the continent.
Being a member to the bank, AfDB has been playing an integral role in spearheading development in the continent by issuing loans to spur economic and social growth.
Speaking after the conclusion of the seventh conference of governors who are, by their titles, the ministers of finance from 54 member countries to the bank, Minister for Finance and Planning, Dr Phillip Mpango said AfDB has offered immense contribution to Tanzania's development.
He said AfDB has provided Tanzania with billions of shillings in loans for implementation of various development projects, including construction of transport, energy and water infrastructure.
During the conference that was held in Washington DC, United States, the bank called for increase of capital by 200 per cent from $94.76bn to $268.6bn to spur economic and social reforms to the member countries.
African countries, especially those in the south of Sahara are in need of financial support to implement development projects, especially in transport infrastructure and energy.
"It is high time we increased speed in project implementation, and this can be made possible by increasing the working capital to AfDB that knows Africa better than any other bank.
The results of projects implementation financed by this bank are seen in Africa," Dr Mpango said.
The call by African countries with shares in AfDB to increase the working capital was first made by the governors in Rome, Italy following an increase in loan applications to the bank for projects implementation.