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AfDB funds USD 70.5 million for Tanzania’s power sector reform and governance support programme
Dar Es Salaam, Tanzania (Capital Markets in Africa):– Power sector reform and a governance support programme are central to the African Development’s actions to accompany Tanzania’s economic growth.
It is in line with this, that the Permanent Secretary in the Ministry of Finance of the United Republic of Tanzania, Servacius Likwelile and the African Development Bank’s Vice-President, in charge of Agriculture, Water, Human Development, Governance and Natural Resources, Aly Abou-Sabaa signed a USD 70.5 million loan accord on May 27 in Abidjan.
The fund will finance the Power Sector Reform and Governance Support Programme (PSRGSP) in the country. It will boost the Government’s efforts to implement energy-sector and related reforms, particularly, strengthening the institutional framework and operational efficiency of the power sector; enhancing competition and private sector participation in the power sector; and improving governance.
Vice-President Abou-Sabaa commended the Government of Tanzania for implementing an ambitious ongoing reform programme in the energy sector. He also reaffirmed the Bank’s commitment to provide support, and contribute to improving governance norms in the sector.
Permanent Secretary Servacius Likwelile, said the Government and the people of Tanzania appreciate the Bank’s support that has enable the country to boost efforts to implement energy sector and other related public financial management reforms, and to create wealth in the country.
Since the beginning of its operations, the Bank Group’s portfolio in Tanzania comprises 27 operations, with a total commitment of UA 993 million, in infrastructure, agriculture, human development, private sector and multi sector, including budget support. With this new operation, the portfolio has now increased to over UA 1 billion.
“The overall performance of the portfolio is satisfactory and we will continue to work together to further improve the soundness and development effectiveness of the portfolio,” Abou-Sabaa concluded.
Source: AfDB’s News website