World Bank Approves $80M For Private Sectors To Create Jobs

Dar es Salaam: To boost up the private sector of Tanzania and increase employment, about $80 million is reported to be spent in some of the key areas.

Recently the World Bank’s Country Director, Bella Bird, said creation of productive jobs is most important in the country and this can be done by the private sector.

Hence, an amount of $80 million has been approved by the bank for Business Environment for Jobs Development Policy Operation (DPO). This is just the first approved budget in the series of three for the country.

Some assistance is also reported to be provided by the Japanese government through Japan International Cooperation Agency (JICA) under the same project.

Over the past decade very less has been done in the labor-intensive sectors such as manufacturing and agriculture. Most of the funds concentrated in finance, transport, communication and other fast growing sectors. This resulted with below the average growth of economy. In 2014-15 financial year it was about 7 percent only.

Data reveals about 800,000 youth are added to workforce every year. Now the total workforce is about 20 million and this may go up as high as 40 million in 2030. Amid such scenario the job opportunities are very limited.

To overcome such disbalance of workforce and opportunities, the DPO and JICA has planned for parallel financing to the project that will help in creating more productive jobs in the private sectors.

Recently President Jakaya Kikwete was applauded by business community at the 8th Tanzania National Business Council (TNBC) meeting and its Chiarman of Executive Committee, Ambassador Ombeni Sefue, said the tourism sector is to be improved as foreign currency is generated through it.

Currently the country generates over $1 billion from tourism.

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