https://www.engineeringnews.co.za

World Bank approves $455m loan for Tanzania power projects

22nd June 2018

By: Reuters

  

Font size: - +

The World Bank has approved a $455-million loan to Tanzania under its International Development Assistance (IDA) programme to support financing of power projects in the East African nation.

The financing from IDA, which gives grants or low-interest loans to the world’s poorest countries, will also fund construction of high voltage transmission infrastructure to connect Tanzania 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," the World Bank said in a statement on Thursday.

The government said it plans to raise two-trillion Tanzanian shillings ($880-million) in its budget for fiscal year 2018/19 (July-June) from concessional loans and grants to finance development projects.

Tanzania boasts reserves of over 57-trillion cubic feet (tcf) of natural gas, but faces periodic power shortages as it relies on hydro-power dams in a drought-prone region.

Last year President John Magufuli said the country needed to invest $46.2-billion over the next 20 years to revamp its ageing energy infrastructure and meet soaring electricity demand.

Investors have long complained that the lack of reliable power hurts business there.

Tanzania plans to boost power generation capacity from around 1 500 MW currently to 5 000 MW over the next three years by building new gas-fired and hydroelectric plants, according to the country’s energy ministry.

Edited by Reuters

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.127s - 173pq - 2rq
Subscribe Now