Kagera-Based Kakono Hydropower Project Receives Funding From African Development Bank (AfDB)

Tanzania embarked on an industrialization drive towards attaining middle income economy by 2025, and achieved it in 2020. However, the Government continues to work hard to equip the economy for the targeted job creation and economic growth, which will drive and advance the industrialization process.

The Government in its bid to expand the country’s power base, a requirement for sustainable industrialization, has signed a loan agreement of $161,74million with the African Development Bank (AfDB), as part of the funds required for executing the Kagera-based kakono hydropower project. The project is estimated to cost Tsh. 700billion and will be jointly financed through loans and grants from the European Union, Agence Française de Développement (AFD) Group and AfDB.

Link: https://www.thecitizen.co.tz/tanzania/news/national/tanzania-signs-sh375-billion-deal-with-afdb-for-hydropower-project-4161250