Tanzania Will Sell Gold Reserves to Fund Infrastructure Spending

Tanzania plans to sell part of its gold reserves to finance spending on infrastructure projects, as it faces reduced donor funding amid a broader shift away from development aid.

President Samia Suluhu Hassan instructed the central bank to proceed with a partial sale of its gold holdings, Minister of State in the President’s Office Kitila Mkumbo said at a briefing in London on Monday, without providing further details. The Bank of Tanzania held 3.3 trillion shillings ($1.3 billion) of bullion at the end of December, according to data published last week.