The African Development Bank has pledged 26 million US dollars to Tanzania to finance projects aimed at tackling climate change and strengthening communities' ability to withstand its effects. The commitment was announced during a bilateral meeting between the bank and the Tanzanian government held in Antalya, Turkey, according to the bank's statement.
The pledge comes after President Samia Suluhu Hassan called on financial institutions to increase investment in climate action during the Antalya Leaders' Summit. In her address, she urged banks and development organisations to help Tanzania access funding, equipment and technology to accelerate climate initiatives and promote sustainable development. Minister of State Hamad Masauni, from the Vice President's Office for Environment and Union Affairs, thanked the African Development Bank for responding quickly to the President's request.
The new commitment adds to the bank's existing climate finance support for Tanzania. The African Development Bank has previously funded the 9.4 million US dollar Mkondoa River Water Sources Resilience Project, which aims to protect and improve water sources serving Gairo, Kilosa and Mvomero districts while reducing the impacts of recurring floods and droughts. The bank has also provided 400,000 US dollars through its climate change project implementation financing window and channelled 15 million US dollars through the National Environment Management Council to strengthen the resilience of coastal areas.
Beyond financial support, the African Development Bank has provided technical expertise and advisory services to help Tanzania develop its carbon trading sector. According to the Minister, this support is expected to expand green investment opportunities and ensure that the country's environmental resources contribute to economic and social development. Masauni said access to finance, technology and technical expertise remain critical for building a climate-resilient Tanzania and a sustainable economy for present and future generations.
For savers, borrowers and business owners in Tanzania, this funding opens pathways for green investment opportunities and projects designed to reduce climate-related economic risks while supporting long-term sustainable growth.