International loan to Tanzania of $ 7.1 billion Financial Services

The World Bank has agreed to lend Tanzania $ 1.7 billion to fund development projects in the fiscal year 2010/09, according to the Tanzanian Ministry of Finance.

The agreement came after a meeting between Hafiz Ghanem, the bank's vice president for African affairs and Tanzanian Finance Minister Philippe Mbango in Washington, the Bloomberg news agency reported.

Funding for education projects rose from $ 300 million to $ 400 million, while funds for poverty eradication projects were increased from $ 300 million to $ 450 million. The rest of the loan will be used for infrastructure modernization, agriculture, food security, health, energy and business climate.

The World Bank has so far financed 12 projects in Tanzania worth $ 4.8 billion.