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Tanzania: African Development Fund approves $116 million loan to upgrade southern road corridor

Tanzania: African Development Fund approves $116 million loan to upgrade southern road corridor

Business, Economy
The Board of Directors of the African Development Fund on Wednesday approved a loan of around $116 million to the Tanzanian government to upgrade a 160-km Mnivata-Newala-Masasi road corridor in the southern part of the country. The Bank’s loan represents 98.71% of the project cost; the government of Tanzania will provide the remaining 1.29% in funding. The project will upgrade the roadway, including the 84-meter Mwiti bridge, to bituminous standard. The works also have social components, including the provision of potable water, education and medical infrastructure, the establishment of cashew nut processing units, and extension of entrepreneurial training to women and youth. The project will advance Tanzania’s current five-year Development Plan (2021-2026) and aligns with the Ba...