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Tanzania’s economy gets $50m boost from OPEC

Christiana Unakalamba by Christiana Unakalamba
February 19, 2021
in BUSINESS & ECONOMY
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Tanzania's economy gets $50m boost from OPEC
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To boost economic opportunities and improve access to social services for more than 900,000 people in Tanzania, the Organisation of Petroleum Exporting Countries had made available a $50m loan to the East African country.

OPEC Fund for International Development disclosed yesterday that the loan would be used to finance the Fourth Tanzania Poverty Reduction Project.

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OPEC Fund Director-General, Dr. Abdulhamid Alkhalifa, said, “The OPEC Fund has been committed to helping Tanzania reduce poverty and improve socio-economic conditions for many years.

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“The present loan will help communities to help build capacity, strengthen food security and household incomes, as well as improve access to social amenities. We have a strong partnership with Tanzania and look forward to seeing more progress on key development indicators in the near future.”

The OPEC Fund/Tanzania partnership has spanned 45 years during which the OPEC has committed more than $370m for 38 public sector operations (including the present project) across a wide range of sectors.

Although Tanzania has made progress in reducing poverty over the past decade, around 26 million people – close to half the total population – live on less than $1.90 per day. The Tanzanian government has launched a number of programmes to tackle this challenge, including social safety nets and three previous phases (also co-financed by the OPEC Fund) of the new project.

Tags: EconomyOPECTanzania

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Christiana Unakalamba

Christiana Unakalamba

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