16 May 2019

Tanzania: AfDB Admires Dar's Economic Growth, Pledges More Funding

AFRICAN Development Bank (AfDB) President Dr Akinwumi Adesina has commended Tanzania for steady economic growth of an annual average seven per cent, describing it as one of the world's fastest growing economies.

Dr Adesina issued the commendation at State House in Dar es Salaam, shortly after holding talks with President John Magufuli on various issues relating to cooperation between the East African nation and the continental financial body.

He hailed President Magufuli for exhibiting exemplary leadership and safeguarding the interest of his people, leading to the country's fast economic growth, which is far above the world's 3.5 per cent.

The continental bank's boss also congratulated Dr Magufuli for forging ahead good relationship with neighbouring Uganda, which has led to the two nations agreeing on multi-billion shillings 1,443 kilometre Hoima-Tanga oil pipeline project.

Dr Adesina explained further that they also discussed with the Head of State how to improve agriculture in the country, with the financial institution pledging to address problems associated with market for the agricultural produce.

On development projects, Dr Adesina noted that the bank has so far funded various projects in the country at the value of 4.55tri/-.

Recently, he said AfDB approved the funding for construction of 110 kilometre ring road in the country's capital, Dodoma and construction of Msalato International Airport in the capital.

He also hailed Tanzania for starting working on the Standard Gauge Railway project that joins the country's commercial city, Dar es Salaam and Dodoma.

He pledged that the bank will fund the project from Isaka to Kigali, Rwanda, to enable it serve other neighbouring countries of Burundi and the Democratic Republic of Congo (DRC).

President Magufuli thanked Dr Adesina for the support the bank was extending to the East African nation, pledging that all funds released by the organisation will be spent for the intended purposes.

Dr Magufuli also said that the AfDB has agreed to fund the construction of 359 kilometre Mpanda- Tabora road at tarmac level and construction of the second phase of the Bus Rapid Transport (BRT) between Kariakoo and Mbagala in Dar es Salaam.

He added that the bank will also issue funds for the 400Kv Sumbawanga-Mpanda-Kigoma- Nyakanazi power project.

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