Image: Highways Today
The African Development Bank (AfDB) and the Tanzanian government have signed $140 million loan agreements to finance the construction of the 50MW Malagarasi hydropower plant in Western Tanzania.
The AfDB will provide a sovereign loan of $120 million for the plant, with the remaining $20 million provided by the Africa Growing Together Fund.
“I would like to re-affirm the government’s commitment to working closely with the Bank in efforts to realize our national and international development aspirations. The government will take all necessary measures to ensure successful implementation of this project as planned,” Tanzanian permanent secretary in the Ministry of Finance and Planning, Emmanuel Tutuba, said at the signing ceremony last week.
As part of one of the six transformative infrastructure projects approved by the AfDB in Tanzania over the last three years, the Malagarasi Project is one of Tanzania’s priorities under its Second Five-Year Development Plan aimed at advancing the country’s Vision 2025.