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AfDB approves 120 mln USD loan for Tanzania hydro project

Christian Fernsby ▼ |
The African Development Bank (AfDB) has approved a 120 million U.S. dollar loan to fund the construction of a 50 MW hydropower plant in western Tanzania, the bank has said.

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The Malagarasi hydropower project will provide reliable renewable energy to households, schools, clinics and small and medium sized enterprises in Kigoma region, the AfDB said in a statement late Thursday.

The project's overall cost is estimated at 144.14 million dollars, the statement said.

The bulk of the 120 million dollars will be sourced from the bank group's sovereign window, with an additional 20 million dollars contributed by the Africa Growing Together Fund, the AfDB said.

The government of Tanzania will provide the remaining 4.14 million dollars, the statement said.

Adesina Akinwumi, the AfDB president, said the approval of the project is a reflection of the bank's commitment to help the government of Tanzania to "accelerate its transition to more inclusive and sustainable growth through the production of clean, reliable and affordable electricity."

The hydropower plant's expected average annual output of 181 GWh will meet the electricity needs of some 133,649 Kigoma households, bringing the region's electrification rate closer to that of the rest of the country, said the statement.

According to the statement, the project is expected to create about 700 jobs during construction, cut the region's electricity generation costs to approximately 0.04 dollars per kWh, down from the current 0.33 dollars per kWh, and also reduce reliance on greenhouse gas emitting fossil fuels.

"The cost of doing business will also fall because industry will no longer need to maintain costly back up generators," said the statement. ■

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