The World Bank has announced funding for development projects in Tanzania and Malawi.
A $30 million World Bank loan will be used to develop a national statistical system for Tanzania. The U.K. Department for International Development is also providing $10 million and the Canadian International Development Agency $4.9 million for the $64.4 million project.
The World Bank, meanwhile, is helping to bolster the financial access of about 3.5 million Malawian adults who are currently unbanked - but bankable - through a $28.2 million credit. The project aims to improve the technical infrastructure for payment services. It also seeks to enhance the capacity of the Ministry of Finance and Reserve Bank of Malawi to boost the legislation, regulation and supervision frameworks for banking, capital markets, microfinance and pensions.