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AfDB to finance hydropower project in Tanzania
- Signs $140 million finance facility
- Malagarasi project in Kigoma to benefit from funding
The African Development Bank (AfDB) has signed two loan agreements worth $140 million with the government of Tanzania for the finance of the Malagarasi hydropower project in the Kigoma region of Tanzania. The loan facility will be disbursed under two separate agreements, a $120 million facility disbursed by the AfDB, and a $20 million facility disbursed under the Africa Growing Together Fund.
The Malagarasi Hydropower project, a greenfield investment, will add a total of 49.5MW of hydroelectric power to Tanzania’s national grid. The objective of the project is the socio-economic development of the country and poverty reduction. Permanent Secretary, Ministry of Finance and Planning, Emmanuel Tutuba and Director-General AfDB for East Africa, Nnenna Nwabuafor.