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OPEC Fund Extends $ 50 Million for Poverty Reduction in Tanzania

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The OPEC Fund for International Development (the OPEC Fund) (https://OPECFund.org) has signed a US $ 50 million loan with Tanzania to finance the ‘Fourth Tanzania Poverty Reduction Project’. The project will build rural infrastructure to boost economic opportunities and improve access to social services for more than 900,000 people.

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

The fourth phase will build infrastructure for education, health, water, agriculture, and transportation, and create income-generating activities in animal husbandry and vegetable growing, as well as employment opportunities. The work will be carried out in the Arusha, Mwanza, Geita and Simiyu regions in northern Tanzania and the Njombe region in the south.

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. This loan will help communities to help themselves by building capacity, strengthening food security and household income, and improving access to social services. We have a strong partnership with Tanzania and we look forward to seeing further progress on key development indicators in the near future. “

The OPEC Fund and Tanzania have a 45-year partnership. During this time, the organization has committed more than $ 370 million to 38 public sector operations (including the current project) in a wide range of sectors.

Transportation is a vital sector that is supported by the OPEC Fund. A recent commitment of US $ 26 million from the organization is funding the Kazilambwa-Chagu Highway Improvement Project. The highway is part of the 1,260 km east-west corridor, linking the two main ports of Dar Es Salaam in Tanzania in the east with Kigoma in the west. The improved connectivity will help increase agricultural and tourism-related activities and facilitate trade with neighboring Burundi and the Democratic Republic of the Congo.

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