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Dar es Salaam. Tanzania will receive from Credit Suisse a loan of 200 million dollars (about 452 billion shillings on the current exchange rate) which will help the country to implement its energy development projects.
Minister of Finance and Planning Phillip Mpango Dar es Salaam met yesterday with a delegation from Credit Suisse – led by the bank's chief executive, Mr. Lawrence B. Fletcher – where both parties agreed on the need to cooperate in the execution of development projects.
"We have made progress in obtaining the loan and we are confident that we will get $ 200 million over the 2018/19 fiscal year," Dr. Mpango said.
He mentioned some of the strategic development projects that the government was undertaking to build the Standard Gauge railway line, the purchase of aircraft for Air Tanzania Company Limited (ATCL) and the project hydropower plant of Rufiji.
The Stiegler's Hydropowe Gorge The project will produce a total of 2,100 megawatts of electricity at completion.
"The government also undertakes a project to expand the ports of Dar es Salaam, Tanga and Kigoma … .The government also builds several roads across the country Tanzania to Rwanda and Burundi, a development that will stimulate economic activities in the region, "he said.
According to Mr. Fletcher, the bank supported the projects to help Tanzania achieve its goal of developing middle-income industrialized country
He indicated that Credit Suisse would issue the loan of $ 200 million to Tanzania as soon as the procedures for granting the loan are completed.
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