Tanzania: Country Beats Uganda, Kenya for U.S. Millions


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mkama

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M

mkama

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Bila shaka hii ni hatua nzuri kama tutafanikiwa kuzipata.


The Monitor (Kampala)
18 November 2007
Posted to the web 20 November 2007

Zephania Ubwani


TANZANIA is likely to win a $698 million grant from the United States through the Millenium Challenge Corporation as the country has almost met all the criteria for being eligible for funding.

Finance Minister Zakhia Hamdani Meghji said here on Thursday after meeting the US Treasury Secretary Henry Paulson that the board of governors of the Millenium Challenge Account would meet next month to consider the country's application for the grant.

"There is every likelihood that we will be granted the money after meeting several conditions for eligibility for funding, including progress made in the fight against corruption" she said.

She said if the country is granted the money, it would be the largest ever financial support to Tanzania from the US in the country's history and the largest ever grant under MCC given to a developing country.

If approved the funds would be spent mainly on the infrastructure and utility development projects, notably for the construction of roads, railway lines as for water and energy projects within the a period of five years from next year.

The minister admitted that corruption record was her government's major concern on eligibility to get the Millenium Challenge funds.

Those included the new Anti-Corruption and Anti-Money Laundering Bills and establishment of Financial Intelligence Unit in the ministry of Finance.

The Tanzanian finance minister said through the Millenium Challenge fund, Tanzania would be rated for investment from the US.

She said neighbouring countries such as Kenya, Uganda and Tanzania had been subjected to such ratings. Currently, US, the world's largest economy, has low investments in Tanzania.
Mr Paulson on Thursday afternoon met finance ministers from all five East African Community partner states in Arusha and called on EA states to develop their capital markets in order to attract more investments from abroad.

Ms Meghji said part of the expected Millenium Challenge funds would be spent for the construction of the railway line from the inland port of Isaka in western Tanzania to Kigali, thus linking land-locked Rwanda to the sea through Tanzania.

The US Treasury secretary later met President Jakaya Kikwete at the Kilimanjaro International Airport before he flew to Cape Town, South Africa for the US-Africa Business Summit.
 

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