DAR ES SALAAM, Nov. 26 (Xinhua) -- Trade and Development Bank (TDB), a trade and development financial institution in Africa, has approved a one billion U.S. dollars soft loan to Tanzania for implementation of infrastructure projects, said a statement issued by the presidency on Monday night.
The statement issued by the Directorate of Presidential Communication at Chamwino State House in the capital Dodoma said the release of the loan was announced by the TDB President and Chief Executive Officer Admassu Tadesse during talks with President John Magufuli.
Tadesse told President Magufuli that the bank was also in final arrangements of approving another soft loan amounting to 500 million dollars for supporting implementation of development projects in the east African nation, said the statement.
President Magufuli thanked TDB for approving the soft loans to Tanzania and appealed to the bank for more loans that will help the country to implement flagship projects, including the standard gauge railway and a hydropower project in Ruhuji River in Njombe region.
Reacting to President Magufuli's request, Tadesse said the bank will approve more soft loans to Tanzania for the execution of the standard gauge railway project from Dodoma to the western and northwestern parts of the country, connecting landlocked neighboring countries.
He commended Magufuli for overseeing massive economic transformation in the country.