Media Wire Express Correspondent
The World Bank Group has approved a comprehensive Country Partnership Framework (CPF) aimed at consolidating Tanzania’s status as a lower-middle-income economy.
Nathan Belete, the World Bank’s Country Director for Tanzania and neighboring countries, announced the approval of the CPF, covering the period from 2025 to 2029. This strategic framework embodies the One-WBG approach, integrating the strengths of the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
In a statement released yesterday, Belete emphasized that the CPF is strategically positioned to leverage Tanzania’s lower middle-income status, focusing on enhancing human development outcomes and advancing global poverty eradication efforts. The One WBG approach underscores a unified strategy across IDA’s lending and grant initiatives, IFC’s private sector investments, and MIGA’s strategic lending operations, aiming to maximize developmental impact and sustainability.
“This partnership framework represents a significant milestone in Tanzania’s economic journey, aiming to harness synergies across our institutions to foster sustainable growth and development,” commented Belete.
The CPF’s strategic pillars encompass enhancing economic resilience, promoting inclusive growth, and addressing key development challenges through targeted investments and policy reforms. It prioritizes critical sectors such as education, healthcare, infrastructure, and private sector development, aiming to create conducive conditions for sustainable job creation and improved public service delivery.
Tanzania, endowed with a diverse economic landscape and strategic geographic positioning, stands to benefit significantly from this tailored approach. The CPF aligns closely with Tanzania’s national development priorities, reflecting extensive consultations with government stakeholders and civil society to ensure alignment with local needs and aspirations.
Looking ahead, the World Bank Group reaffirms its commitment to partnering with Tanzania on this transformative journey, ensuring that the CPF’s objectives translate into tangible benefits for Tanzanian citizens. By fostering economic resilience and promoting inclusive growth, the CPF seeks to propel Tanzania towards achieving its development goals amidst evolving global challenges.
The approval of this CPF comes at a crucial juncture, as Tanzania navigates economic recovery post-pandemic and seeks to accelerate progress towards sustainable development goals. It underscores the World Bank’s role as a strategic partner in supporting Tanzania’s efforts to build a resilient and prosperous future for all its citizens
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