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Tanzania to get US$3 billion in loans, grants from Arab lender

Arab Bank for Economic Development in Africa agreed to provide Tanzania with loans and grants totaling US$3 billion over the next five years, according to the East African nation’s finance ministry.

The decision was reached following talks between Tanzania’s Finance Minister Mwigulu Nchemba and the lender’s Director-General Sidi Ould Tah. The financing is for projects including roads, energy, education, agriculture and private companies’ capacity-building programs.