(Ecofin Agency) - The OPEC Fund for International Development (OFID) approved last week the disbursement of $50 million to support the Tanzanian government in the fight against poverty.
This financing deal will back the country's fourth poverty reduction project, which aims to boost opportunities for more than 900,000 people through the improvement of access to clean water, education, and healthcare. The transport, agriculture and farming sectors are also included. Once fully rolled out, this project will improve tourism in the region and ease exchanges with external markets.
Abdulhamid Alkhalifa, MD of OFID, said, “the OPEC Fund has been committed to helping Tanzania reduce poverty and improve socio-economic conditions for many years. The present loan will help communities to help themselves by building capacity, strengthening food security and household incomes, and improving access to social amenities. We have a strong partnership with Tanzania and look forward to seeing more progress on key development indicators in the near future.”
OFID has in the past granted Tanzania support in the implementation of many projects aiming at reducing poverty. The institution has provided an estimated $378.91 million in all areas, mainly multi-sectoral ($122.85 million) and transportation ($103.35 million) investments.
In addition to OFID financing, the Tanzanian government and communities committed to co-finance the implementation of the fourth poverty reduction project in Tanzania.