Tanzania has secured a loan facility of $455 million from the World Bank to finance its power projects.
The loan is under the World Bank’s International Development Assistance (IDA) programme.
The Bank will also provide funding for the construction of high voltage transmission infrastructure in Tanzania. This is to connect the country to regional power markets in southern and eastern Africa.
“The $455 million credit will finance construction of critical high voltage transmission infrastructure that will support the electrification of the southern and northwestern regions of Tanzania,” a statement from the bank said on Thursday.
Energy Challenges
Tanzania has for years faced periodic power outages due to shortfalls in its hydro-power dams in areas facing drought.
Tanzania’s President John Magufuli says the his country needs investment worth $46.2 billion to revamp its energy infrastructure over the next 20 years.
The demand for power in Tanzania has been growing for sometime now but supply has been low.
Source: Africafeeds.com
