The Minister for Finance, Ms Zakia Meghji
REHABILITATION of roads in Pemba North and Rukwa regions is among projects to be financed by a 698 million US dollars (over 700bn/-) grant under Millennium Challenge Corporation (MCC).
The Minister for Finance, Ms Zakia Meghji, told the Sunday News in Dar es Salaam yesterday that building of Tunduma–Sumbawanga road, Mafia Airport and rehabilitation of roads in Pemba North Region were included in the five-year grant involving core projects designed to stimulate economic growth.
“The thrust of the grant is to improve core infrastructure, energy and water projects to improve the wellbeing of the people at the grassroots and stimulate economic growth,” she explained.
Ms Meghji said this is the biggest grant ever offered by the United States of America to an African country.
The MCC Board of Directors ranked Tanzania highest among 15 African countries approved for the grant.
Ms Meghji said the rating was in recognition of Tanzania’s impressive performance record in good governance, fighting corruption and provision of social services to the people.
By the end of the programme an estimated 4.8 million Tanzanians will benefit directly or indirectly.
The MCC is a United States government corporation designed to work with some of the poorest countries in the world.
It is based on the principle that aid is most effective when it reinforces good governance, economic freedom and elimination of extreme poverty.
Meanwhile, Tanzania is among three African countries to be visited by US Treasury Secretary Henry M. Paulson, Jr beginning next week.
Ms Meghji said Mr Paulson would arrive on Wednesday to take part in a discussion on regional financial integration with finance ministers of the East African Community in Arusha.
“His coming to Tanzania means a lot to our country which has been ranked among top ten in attracting Foreign Direct Investments (FDIs) in Africa,” the minister said.
A statement on the official website of the US Treasury linked Mr Paulson’s visit to Africa’s high rate of growth and declining levels of inflation, which is attracting increased investor interest.
It said the Treasury Secretary would discuss Africa’s impressive economic performance and explore ways to increase international financial support.
Tanzania has maintained strong macroeconomic stability in the last three years with real GDP growth averaging six per cent, which the IMF says is driven by “total factor productivity” in manufacturing, mining, construction and agriculture.
From Tanzania, Mr Paulson will visit South Africa and Ghana.
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