Worldbank to spend $455 million loan for olddated power projects in Tanzania

The World Bank has approved a $455 million loan to Tanzania under its International Development Assistance (IDA) programme to support financing of power projects in the East African nation.

“The $455 million credit will finance construction of critical high voltage transmission infrastructure that will support the electrification of the southern and northwestern regions of Tanzania,” the World Bank said in a statement.

The government said it plans to raise 2 trillion Tanzanian shillings ($880 million) in its budget for fiscal year 2018/19 (July-June) from concessional loans and grants to finance development projects.

Source: Equity Axis

 

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