M a r k e t N e w s

Tanzania: Shot in the Arm for Energy Sector Projects

Posted on : Thursday, 18th December 2014

The United States government, through the Millennium Challenge Corporation (MCC), has promised to provide 78 million US dollars to support the development of high impact investment projects in the energy sector, it was announced yesterday.

The agreement was signed on Friday in Dar es Salaam between the Minister for Finance and Economic Affairs, Ms Saada Mkuya and MCC Vice-President of Compact Operations, Mr Kamran Khan.
 
Speaking during the signing ceremony which was also witnessed by the US Ambassador to Tanzania, Mr Mark Childress, Ms Mkuya said the funds will help the country invest in infrastructure, policy, regulatory and institutional reforms in the energy sector.
 
"Through the grant signed today, the country will mobilise consultants to undertake detailed feasibility studies and other preparatory work on project ideas that are most likely to stimulate long-term economic growth," she said.
The studies, according to the minister, will allow Tanzania to fully develop projects to reform the power sector, improve the technical, financial and operational performance of the Tanzania Electric Supply Company (TANESCO) and Zanzibar Electricity Corporation (ZECO) and expand access to electric power in rural areas.
 
The proposed projects are expected to form the basis of a second MCC compact of investments between the US and Tanzania.
 
On the other hand, Mr Khan said that the project development grants marked an important milestone in the development of the second compact programme and commitment toward the goals of Power Africa, the US government initiative to double the number of people with access to power in Africa through collaboration with African governments, the private sector and other development partners.
 

Source : allafrica.com
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