DAR AS SALAAM, March 20 The World Bank will lend
Tanzania $2.4 billion over the next three years to finance
infrastructure projects, the bank's president Jim Yong Kim said
Tanzania is seeking financing for infrastructure projects as
part of its plans to transforming the country into a regional
transport and trade hub.
"Tanzania will be able to access an estimated $2.4 billion
in concessional financing, an increase of half a billion dollars
over the past three-year period," Kim said during a visit to
Tanzania's commercial capital Dar es Salaam.
Kim and Tanzania's President John Magufuli also attended the
signing of documents on three World Bank-funded projects worth
$780 million aimed at improving public infrastructure.
East Africa's second-biggest economy wants to profit from
its long coastline and upgrade its rickety railways and roads to
serve the growing economies in the land-locked heart of Africa.
Big gas finds in Tanzania and oil discoveries in Kenya and
Uganda have turned east Africa into an exploration hotspot for
oil firms, but transport infrastructure in those countries has
suffered from decades of under-investment.
(Reporting by Fumbuka Ng'wanakilala; Editing by Aaron Maasho
and Hugh Lawson)