The African Development Bank (AfDB) approved a $245 million loan for a road project in Tanzania aimed at boosting the east African country's economy, the bank said on Thursday. The work involves upgrading a 260-kilometre long road between Iringa and Dodoma, and another 193 kilometre stretch from Namtumbo to Tunduru, as well as strengthening Tanzania's road management, the AfDB said in a statement.
"The two roads are part of the regional corridor and will improve cross-border trade with neighbouring countries as well as enhance tourism and regional integration," it said.
The Tunis-based bank's shareholders include Africa's 53 nations and 24 non-African donor countries. It lends commercially to Africa's richest nations and at concessionary rates to poor ones.
The bank has stepped up lending during the global financial crisis, taking a lead on key projects to ensure countries press ahead with their long-term development while commercial lenders avoid committing new funds.
The bank has stepped up lending during the global financial crisis, taking a lead on key projects to ensure countries press ahead with their long-term development while commercial lenders avoid committing new funds.
Msomaji
Rabat
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