ARUSHA, Tanzania, July 9 (Xinhua) -- The African Development Bank (AfDB) is considering upgrading Tanzania's profile to enable the country borrow more from the continental lender, a senior official said on Tuesday.
Alex Mubiru, AfDB country manager for Tanzania, made the remarks in the country's capital, Dodoma, during his meeting with Minister for Finance and Planning Philip Mpango.
According to a statement issued by the Tanzania's Ministry of Finance and Planning, Mubiru said the upgrade, if approved, will see Tanzania's borrowing eligibility jump from the current 350 million U.S. dollars to 812 million dollars a year.
The status elevation for Tanzania has been considered by the lender because of the country's steady economic growth and its debt sustainability, he said.
"This will enable Tanzania to access more financing from AfDB for implementation of various development projects," Mubiru said in the statement.
Mpango, for his part, said Tanzania is proud to work with the AfDB and thanked the lender for financing many key infrastructure projects in the capital, Dodoma. Enditem
