The assurance was made by the visiting World Bank’s managing director for 22 African countries Anne Kabagambe, during a meeting with Finance and Planning Minister Dr Philip Mpango in Dar es Salaam yesterday.
She said the mentioned amount is expected to be released before the beginning of IDA 19 window which will start in July 2020 after the completion of all the required procedures.
“The money will be directed to implementation of various projects including education, health, and the programme for poverty alleviation under Tanzania Social Action Fund (TASAF) and the second phase of urban planning financial inclusion in Zanzibar.
The official hailed the initiatives by the fifth phase government on the war on corruption and the efficiency in implementing various strategic projects such as the standard gauge and the Julius Nyerere power project.
In his remarks, Finmance and Planning Minister Dr Mpango requested the bank to assist Tanzania with funds to implement various projects including power, railway water agriculture industries and Information Technology.
He said the projects will fuel economic growth and alleviate poverty hence increase employment opportunities and make Tanzania the backbone to development in East Africa and the Africa as a whole.
Up to now, the World Bank has funded 28 development projects in Tanzania worth about $5.0 billion (11.5 trn/-) out of which 20 are national and 8 are regional projects worth about $938 million.
In April this year, the World Bank has promised to give Tanzania a $1.7 billion credit facility in the financial year 2019/20 for financing various economic and development projects.