NAIROBI, Nov 30 (Reuters) - The African Development Bank Group and Tanzania’s CRDB Bank Plc signed a $120 million loan agreement on Wednesday to finance infrastructure projects and give credit to small and medium size businesses in Tanzania, a press release said.
“The loan will support infrastructure development, particularly the power and transport sectors, which is a major constraint for Tanzania’s economic diversification and growth,” the statement said.
Tanzanian President John Magufuli, nicknamed “the Bulldozer” during his previous stint as public works minister, is keen to expand the country’s infrastructure and has launched a revenue drive to fund new roads, bridges and electricity infrastructure.
An estimated 40 percent of Tanzania’s population of around 47 million has access to electricity, according to official figures. The government wants that to rise to 85 percent by 2025. (Reporting by Katharine Houreld; Editing by Alison Williams)