THE World Bank has approved a grant of $61,5-million for Tanzania, finance minister Daniel Yona said. Part of the money will be deployed in foreign debt reduction while the rest will be directed to the strengthening of public financial institutions. Financial institutions which will benefit from the grant are the People’s Bank of Zanzibar, the insurance industry, the National Micro-Finance Bank, Capital Markets Securities Authority and the Privatisation Trust Fund. The agreements to this effect were signed during Yona’s recent visit to Washington.