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Tanzania Signed Agreement US $140 million Loan For Electricity Projects

The Tanzanian government has signed two US $ 140 million (TSh323.39 billion) loan agreements with the African Development Bank (AFDB) to finance the Malagarasi power generation project in Kigoma region.

The loan was signed on Wednesday, May 26, 2021 between the secretary general of the Ministry of Finance and Planning, Emmanuel Tutuba and the director general of the eastern region of AFDB, Nnenna Nwabufo.

Following the signing of the agreement, Tutuba told reporters that $ 120 million was provided by AFBD and $ 20 million was provided by a joint African development fund from the Chinese Government.

He said the Malagarasi project is part of the implementation of the 2015 National Energy Policy and its priorities as outlined in Tanzania’s 2025 vision that guides economic development until 2025.

Tanzania Signed Agreement US $140 million Loan For Electricity Projects

“The signing of these agreements will increase the amount of money allocated by AFDB for financing energy sector projects in the country from $ 325.19 million to 465.19 million. AFDB has also expressed interest in financing the Kakono power plant with a capacity of 87 megawatts. ”

“The Malagarasi project will involve the construction of a new 49.5 megawatt grid power plant with an average capacity of 181 GWh per year,” said Tutuba.

For his part, Nwabufo said the Malagarasi renewable energy project would help improve energy services for western residents.

“On behalf of the board of AFDB we promise to work with the Government and we are grateful for the signing of this agreement,” said Nwabufo.

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