Announcement of Fifteen Million US Dollars for Industries in Tanzania on October 30, 1975

.World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 75/87 OCTOBER 30, 1975 $15 MILLION FOR INDUSTRIES IN TANZANIA Investment in industry, agribusiness and tourism in Tanzania will be assisted by a $15 million loan from the World Bank. The loan will provide resources for the Tanzanian Invest- ment Bank (TIB) in support of the Government's plan to reduce Tan- zania's dependence on imports by increasing productive investment, especially in industry. The loan will meet TIB's remaining foreign resource needs • to the end of 1977. It will also enable TIB to continue to !~prove its procedures and project selection. TIB was established in 1970. The projects it finances now account for about 20% of new industrial investment in Tanzania. As of June 30, 1975, its project pipeline consisted of 20 projects with total financing requirements of $76 miliion. These projects are in textiles, food processing, wood products, chemicals and small-scale industries. All are expected to be approved before mid-1976. In February last year, the International Development Association (IDA), an affiliate of the World Bank, granted TIB a credit of $6 million that has now been fully connnitted. The World Bank loan is at 8-1/2% a year over a maximum of 15 years. · Note: Money figures are expressed in US dollar equivalents • •