In a major financial breakthrough, Tanzania has just secured a whopping $1.1 billion investment package from the World Bank, promising to transform the nation’s landscape. The generous funding is divided into two critical components: a hefty $750 million for Development Policy Financing (DPF) and a substantial $385 million allocated to the Dar es Salaam Metropolitan Development Project (DMDP) Phase 2.
The primary focus of the DPF is to jumpstart a private sector-led economic revival by addressing structural obstacles hindering growth. Key areas of reform include creating a more conducive business environment, fortifying state-owned entities (SOEs), and enhancing overall transparency.
On the other hand, the DMDP Phase 2 builds upon the success of its predecessor, aiming to elevate Dar es Salaam’s infrastructure and resilience to new heights. The initiative revolves around climate-smart infrastructure, the implementation of an integrated solid waste management system, and the establishment of robust urban institutions.
Victoria Kwakwa, the World Bank Vice President for Eastern and Southern Africa, lauded Tanzania’s dedication to reform and resilience. She expressed admiration, stating, “We applaud Tanzania’s efforts towards inclusive, private sector-driven growth amidst global challenges. We are committed to supporting Tanzania’s reforms for immediate recovery and sustained economic progress.”
This significant investment is poised to propel Tanzania into a new era of development, fostering both economic prosperity and environmental resilience.
Source: The East African