World Bank deal could boost access to finance in Tanzania

Jan 13, 2010

Financial services may become more widely available for the people of Tanzania, after the World Bank agreed to provide $171 million (£105 million) of credit for the country's MKUKUTA national development strategy.

Financial services may become more widely available for the people of Tanzania, after the World Bank agreed to provide $171 million (£105 million) of credit for the country's MKUKUTA national development strategy.

According to John Murray McIntire, the World Bank Country Director for Tanzania, the funds could prove invaluable in boosting access to finance and maintaining poverty reduction measures.

He is quoted by East African Business Week as saying: "The additional support provided will help the country cope with the effects of the global financial crisis.

"The global crisis also brings added urgency to Tanzania's efforts to improve the business environment and strengthen governance."

Previously, the World Bank's International Development Association had agreed to provide financing credit for the Tanzania Second Social Action Fund - which aims to improve socioeconomic services to those living in poverty.

Recently, the East African reported that the African Development Bank had signed a $666,000 (£412,486) technical assistance grant with Access Bank Tanzania – supported by the Fund for African Private Sector Assistance – which will aim to help small and medium-sized businesses benefit from various financial products.