News Flash
- The African Development Bank Group and the Government of Tanzania have signed loan agreements totalling USD140 million to finance the construction of the 50MW Malagarasi hydropower plant in Western Tanzania.
- The agreements cover a USD120 million sovereign loan from the Bank and USD20 million from the Africa Growing Together Fund (AGTF), administered by the Bank.
Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements.
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections, providing reliable renewable energy to households, schools, clinics and small and medium-sized enterprises in the Kigoma Region.
Related news: Construction of the 2115MW Julius Nyerere Hydro Project on track in Tanzania
Tutuba said, “I would like to re-affirm the government’s commitment to working closely with the Bank in efforts to realize our national and international development aspirations. The government will take all necessary measures to ensure successful implementation of this project as planned.”
Author: Bryan Groenendaal
