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Tanzania Invests 1.47 Trillion in Development Initiatives to Foster Growth

The Tanzania government has set aside a budget of over Ksh 400 Billion to invest in the development for the fiscal year 2023-2024. More than two–thirds of the money will be used for six key projects.

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Tanzania Invests 3.418 Trillion in Development Initiatives to Foster Growth.
PHOTO/Courtesy: President of Tanzania, Samia Suluhu Hassan.

The projects that will be funded by over Ksh 400 Billion of the ministry’s development expenditure include the construction of the standard gauge railway which is ongoing, port upgrades and the building of seven new highways.

Other development projects include the construction of railway infrastructure by the Tanzania Railways, the purchase of a new aircraft by the Air Tanzania Company Limited and purchasing and restoring ships.

Read Also: National Government’s Wage Bill Exceeds Budget by Ksh16.55 Billion

According to Transport Minister Makame Mbarawa who presented his ministry’s budget on May 26, the government plans to commence the building of seven new roads in the following fiscal year.

Approximately Ksh 216.7 billion will be invested in the projects which will cover a distance of 2,035 kilometers. Procurement, finance, engineering and construction processes are to be used to build the seven highways.

Tanzania Invests 1.47 Trillion in Development Initiatives to Foster Growth.
PHOTO/Courtesy: Tanzania Invests 1.47 Trillion in Development Initiatives to Foster Growth.

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The Tanzania Ports Authority has been given Ksh 352.6 billion to conduct its development projects according to Prof. Makame. Of the Ksh 352.6 billion, Ksh 284.86 billion comes from local sources and the World Bank has contributed Ksh 40.234 billion.

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