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Tanzania: Dar Owes $1.5bn to Major Lender
Real estate news By Dar es Salaam
29 November 2007
Tanzania is currently obliged to pay nearly $1.5 billion to the World Bank Group (WBG). The amount is about Sh1.7 trillion at the current official exchange rate. Tanzania joined the WBG in 1962. It got a loan from the group's International Development Association (Ida) for education a year later. "Currently, the portfolio comprises 21 active projects with commitments of $1.7 billion in all major sectors. The undisbursed balance stands at $1.1 billion," it says in the November 3 document.
Loans, credit and grants extended to Tanzania to date amount to about $6.7 billion from which around $1.2 billion has not been disbursed. The country has in its 45 relationship with the bank repaid nearly $827 billion of its obligations and obtained debt cancellations worth about $241 billion. Most of the bank's funding in the country has been in the form of the Ida credit followed by International Bank of Reconstruction and Development (IBRD) loans. Ida grants have to date amounted to only $274.4 billion out of which about $57.4 billion are yet to be disbursed.
The WBG is a family of five international organisations responsible for providing finance and advice to countries for the purposes of economic development and fighting poverty. The bank came into formal existence in 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference of 1944. The group comprises five agencies: IBRD, Ida, the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.
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