Posted on :Wednesday , 9th March 2022

Dr. Mwigulu Nchemba, Tanzania's Minister of Finance and Planning, has praised the African Development Bank (AfDB) for its commitment to assisting the Tanzanian government in implementing new projects in several areas.

Dr. Nchemba conveyed his gratitude during a meeting in Dodoma with AfDB President Dr. Akinwumi Adesina. Ambassador Liberata Mulamula, Minister of Foreign Affairs and East African Cooperation, was also present at the meeting.

Tanzania has received support from the AfDB in a number of areas, including agriculture, women's empowerment, and youth development, as well as its pledge to seek funding for the construction of the Standard Gauge Railway, according to the finance and planning minister (SGR).

The African regional bank has also supplied financing for the construction of numerous infrastructure projects, including the planned Dodoma outer rings highways and the proposed international airport at Msalato, according to Dr. Nchemba.

"The two initiatives, as well as women's and youth empowerment and support for the agricultural sector, which is the backbone of the economy, would help Tanzania's economy grow," he said. Moreover, the minister claimed that the bank's investment in the SGR projects will help not only Tanzania but also neighbouring nations' economies.

At the same time, Ambassador Mulamula congratulated the bank and its president on being named the greatest bank in the world for financial services in 2021. She also praised the AfDB's determination to help implement new development projects that will benefit Tanzanians.

Dr. Adesina, for his part, stated that his bank recognised Tanzania's ability to manage financial and economic policies and has committed additional support for development projects in many areas of the economy. He cited energy and road infrastructure, agriculture, environmental conservation, and private sector development as areas where the bank plans to enhance its assistance.

According to Dr. Adesina, the bank has so far invested $2.5 billion in various social and economic programmes, and the organisation is ready to give funding for the implementation of new projects, particularly in the agricultural sector. Dr. Adesina believes that increasing agricultural investment will enable the country to produce enough food.

Mr. Emmanuel Tutuba, Permanent Secretary in the Ministry of Finance and Planning, Mr. Amos Cheptoo, Executive Director for the AfDB's Eastern Africa constituency, and Dr. Jacob Oduor, the bank's Acting Manager in Tanzania, also attended the meeting.