Tanzania has agreed a new $1.7 billion financing deal with the World Bank, a development that will see the country being funded on roads, water, information and communication technology and energy.

The agreement comprises of low-interest loans and grants.

With $400m loan set for education and $300m for a poverty reduction programme, the funding is expected to turn the country around. The financing deal is said to have been established after talks between Tanzania’s finance and planning minister Philip Mpango and the World Bank Vice President for Africa Hafez Ghalem in Washington.