Off the wire
• Nigeria FA picks Super Eagles interim managers  • Iran, Azerbaijan launch railway construction linking both countries  • S.Korea's top envoy to visit China for talks on DPRK nuke program  • Britain's second biggest city given green light to become even bigger  • 1st LD-Writethru: Web users select China's "Good Samaritans"  • Railway passenger trips rise in Q1  • Zidane sends warning to Ronaldo after injury scare  • Tropical Cyclone Winston forces Fiji to relocate 29 villages  • 1st Ld-Writethru: Economic Watch: China eyes more say in global gold pricing with new benchmark  • Chadian opposition parties threaten to form national salvation government  
You are here: 　 Home

Tanzania unveils a 53.5 bln USD five-year development plan

Xinhua, April 21, 2016 Adjust font size:

The government of Tanzania on Wednesday unveiled a 53.5 billion U.S. dollars five-year development plan for 2017 to 2021,

Philip Mpango, Tanzania's Minister for Finance and Planning, said 29.5 billion dollars will be contributed by the government and 24 billion dollars will be sourced from the private sector, loans and financial aid from development partners.

He told the National Assembly in the country's designated political capital of Dodoma that implementation of the grand development plan will start in July this year.

"When the plan is approved by Parliament, it will be implemented annually with yearly budgets of 10.7 billion dollars,"said Mpango at the start of Parliament's marathon budget session.

He said the plan will focus on putting in place the foundation for industrial economy, merging economic growth and human development, creating favorable environment for investing and running business in the country and strengthening the implementation of the plan.

The minister added that the plan will be executed through injecting funds into flagship projects, which were expected to generate returns to propel themselves and finance other major investment projects.

However, he said, in implementing the plan the government faced a number of challenges including inadequacy in public funds and minimal participation of the private sector.

"This year we will mark 55 years of independence. We're no longer a young nation," said the minister, adding"We need to pull up our socks and play the central role in financing our development." Endit