African Development Bank (AfDB) approves USD 455 million for the construction of a ring road and Tanzania’s new airport in the new capital Dodoma.

The President of AfDB Akinwumi Adesina approved the loan at the bank’s headquarter in Abidjan in a meeting with the Minister of Foreign Affairs and East African Cooperation Palamagamba Kabudi. According the Adesina the loan was approved a means of supporting the economical improvement noticed with President John Magufuli. Also he promised to support future plans of the president to better the country’s economy.

The mission of AfDB is to support African countries that are will to develop and are taking the right steps in that direction.

USD 180 million will be used to construct the ring road while the remaining USD 275 million will be used for constructing the airport. On completion the new airport will reduce  Tanzania’s dependence on foreign airlines.

In addition to this project, AfDB has agreed to fund the construction of the standard gauge railway from Isaka to the Rwandan capital Kigali.

“Talks between Tanzania and the AfDB on the financing of the construction of the SGR from Isaka to Kigali are on advanced stage,” said Kabudi.

Kabudi was in Cote d’Ivoire attending a two-day extraordinary meeting of Ministers for Finance organized by the AfDB. He represented the Minister for Finance and Planning Philip Mpango.

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