The African Development Bank (AfDB) approved a $245 million loan for a road project in Tanzania aimed at boosting the east African country's economy, the bank said on Thursday.

The work involves upgrading a 260-kilometre long road between Iringa and Dodoma, and another 193km stretch from Namtumbo to Tunduru, as well as strengthening Tanzania's road management, the AfDB said in a statement.

The Tunis-based bank's shareholders include Africa's 53 nations and 24 non-African donor countries. It lends commercially to Africa's richest nations and at concessionary rates to poor ones.

Reported by Reuters