AfDB Bank Promises Dollars Bil. 3.05 Funding Projects
The African Development Bank (AfDB) expects to support the implementation of the construction project of the Modern International Standard Railway (SGR) for the section Tabora – Kigoma (lot 6) and Uvinza – Malagarasi (lot 7) for approximately one billion US dollars 3.05 and to finance the preparation of the Mangapwani Port Construction project in Zanzibar for approximately 60 million US dollars.
This has been explained by the AfDB President, Hon. Dr. Akinwumi Adesina, when he met and held talks with the Minister of State Office of the President Finance and Planning – Zanzibar, Hon. Dr. Saada Mkuya, on the sidelines of the seventh meeting of the Economic Cooperation between South Korea and African Countries (KOAFEC), in Busan, Republic of South Korea.
“Mandeleo Bank of Africa is working to obtain the amount of 3.05 billion US dollars on time to facilitate the implementation of the SGR project for the benefit of Tanzania and neighboring countries”, explained Dr. Adesina.
Speaking about the involvement of the private sector in the implementation of projects, Dr. Adesina said that it is important to involve the sector in the implementation of strategic projects in Tanzania in order to speed up the implementation of development projects and promote the economy.
Dr. Adesina emphasized that it is good to develop the private sector because it is important in growing the economy rapidly and he also advised the Government to use the opportunity of the AfDB window (non-Sovereign Window) to strengthen and empower the private sector in the country.
In addition, he explained that the AfDB Bank is ready to continue helping Tanzania to take progressive steps, especially in Agriculture projects, while mentioning the Building Better Tomorrow (BBT) Agriculture project that will provide employment to many young people and increase food production in the country.
On his part, the Minister of State Office of the President Finance and Planning – Zanzibar Hon. Dr. Saada Mkuya Salum, leading the Tanzanian delegation on behalf of the Minister of Finance Hon. Dr. Mwigulu Lameck Nchemba Madelu (Mb), thanked the African Development Bank (AfDB) for increasing Tanzania’s financial allocation through the soft credit window (ADB) for the year 2023 from UA 160 million equivalent to US dollars 216 million to UA 560 million equivalent and 756 million US dollars.
Dr. Mkuya explained that due to the importance of the projects that the AfDB has shown interest in financing, especially the Mangapwani Zanzibar port construction project, he has asked the Bank to see how to achieve the availability of funds to implement the project before 2025.
“We have already done a feasibility study on the Mwangapwani port project, so the availability of funds will enable the project to start immediately”, explained Dr. Mukuya
