Tanzania and the African Development Bank (AfDB) yesterday signed two loan agreements worth 140 million U.S. dollars to finance the Malagarasi hydropower project in the Kigoma region.
The agreements were signed in the commercial capital Dar es Salaam between the permanent secretary in the Ministry of Finance and Planning, Emmanuel Tutuba and AfDB director-general for East Africa, Nnenna Nwabufo.
A statement issued by the Ministry of Finance and Planning said 120 million dollars of the loan will be made available through the AfDB window and 20 million dollars through Africa Growing Together Fund.
The statement said the Malagarasi hydropower project is a greenfield investment, which will build a brand new 49.5-megawatt grid-connected power generation facility with an average annual energy production of 181 gigawatt-hours of electricity. The project’s development objective is to improve power supply in western Tanzania and contribute to the country’s socio-economic transformation and poverty reduction, said the statement.
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