Mwigulu commends AfDB for supporting TZ development projects

MINISTER for Finance and Planning, Dr. Mwigulu Nchemba, has commended the African Development Bank (AfDB) for its commitment to support the government of Tanzania in implementing new projects in various sectors.

Dr. Nchemba expressed the gratitude during a meeting with the President of AfDB, Dr. Akinwumi Adesina in Dodoma. The meeting was also attended by the Minister of Foreign Affairs and East African Cooperation, Ambassador Liberata Mulamula.

The Finance and Planning Minister cited some of the sectors in which Tanzania has been receiving support from AfDB as agriculture, empowerment of women and youth in addition to its commitment to raise funds for the construction of the Standard Gauge Railway (SGR).

According to Dr. Nchemba, the African regional bank has also provided funds for construction of various infrastructure projects, including the planned Dodoma outer rings roads and the envisaged international airport at Msalato.

"The two projects as well as empowerment of women and youth and support to the agricultural sector that is the backbone of the economy will boost the economy of Tanzania," he remarked.

Equally, the minister stated further that the commitment of bank in the SGR projects will not only benefit Tanzania but also the economies of neighboring countries.

At the same occasion, Ambassador Mulamula commended the bank under its president for being recognized as the best bank in financial services in the world in the year 2021.

She also appreciated the willingness of AfDB to support implementation of new development projects, which will benefit Tanzanians.

On his part, Dr. Adesina said that his bank recognizes the competence of Tanzania in managing financial and economic policies and pledged more support in development projects in various sectors of the economy.

He mentioned the sectors that the bank intends to expand its assistance as energy and road infrastructure, agriculture, environmental conservation, as well as private sector development.

The bank has so far made investments totaling $2.5bn in various social and economic projects, according to Dr. Adesina, noting further that the institution is ready to provide funds for the implementation of new projects especially in the agricultural sector.

Dr. Adesina reasoned that increased investment in the agricultural sector will enable the country to produce adequate food.

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