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Tag: Emmanuel M. Tutuba

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Tanzania: African Development Bank Group signs loan agreements for $140 million to increase power generation

Agriculture, Capital Market, Finance
The funds will be used to construct the plant and an evacuation transmission line, as well as to add 4,250 rural electrification connections The African Development Bank Group (AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the Bank. Emmanuel M. Tutuba, Permanent Secretary at the Tanzania Ministry of Finance and Planning, and Nnenna Nwabufo, Director General of the Bank Group’s East Africa Regional Development and Business Delivery Office, signed the agreements. The funds will be used to construct the...

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