MCC earmarks $698M for Tanzania

The Millennium Challenge Corporation has given the thumbs-up to a $698 million five-year grant for Tanzania. The money will be used to fortify the East African nation’s road networks and power and water supply. The corporation also said that Tanzania had already plotted out a program to meet its infrastructure problems head on. “Chosen by Tanzanians, the investments to improve the transport, energy, and water sectors will provide a catalyst to reduce poverty and spur economic growth,” the MCC said in a statement. For years now, the country’s investors and residents have complained of the region’s unreliable power supply and difficult roads, saying that these were major deterrents to business. Tanzania is presently one of the largest recipients of donor assistance, with nearly half of its 2007-2008 budget supported by donor countries and agencies.

Source: United States approves $698 mln grant for Tanzania (Reuters)

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