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    BREAKING NEWS
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    $140 Million subsidy awarded to Tanzania by the Africa Development Bank Group (AfDB)

    Posted On 05 Jun 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: Iron and Steel Africa Review

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The grant sought at establishing the 50-megawatt Malagarasi hydropower plant and an evacuation transmission line and expanding 4,250 rural electrification connections. The grant comprises a $120 million sovereign loan from AfDB and $20 million from the
    Africa Growing Together Fund (AGTF). AGTF is a facility financed by the People’s Bank of China and administered by AfDB.

    The project intends for at giving credible renewable energy to households, schools, clinics and small and medium-sized enterprises in the Kigoma Region. It’s is one of six infrastructure projects, with a cumulative value of $1.12 billion, which the AfDB has endorsed in Tanzania over the last three years.

    Malagarasi Hydropower Station is aimed at to strengthen 50 MW to the Tanzanian National Electricity Grid, alongside providing with sustainable, renewable, green energy to Kigoma and surrounding communities, e.g. Uvinza, Kasulu and Buhigwe, that presently receive electricity from diesel sources. Any surplus electricity from Malagarasi
    will be integrated into the national grid at Kidahwe electric substation. Additionally, anew 53 kilometres (33 mi) 132kV high voltage power line from the new power station to the substation at Kidahwe, is a component of this project.

    Conclusively, AfDB names the project’s following benefits which but not limited to: Creating approximately 700 jobs during the construction phase. Reducing production costs of electricity in the Kigoma Region from $0.33 to about $0.04 per kilowatt-hour. Reducing use of fossil fuels and the attendant emission of greenhouse gases. The cost of doing business is expected to reduce because, the industry will no longer need to maintain expensive backup
    generators.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
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    10 Comments

    1. Yusuff June 5, 2021 at 3:50 am Reply

      Thank you for this coverage. Please continue the informative detail reporting. God bless. Casablanca in Morocco. Yusuff

      • New Africa Business News, Staff Correspondent June 5, 2021 at 4:04 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Lucy June 5, 2021 at 3:54 am Reply

      Great and beautiful job by again, the African development bank. Lucy in Serowe BOTSWANA

      • New Africa Business News, Staff Correspondent June 5, 2021 at 4:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Roka June 5, 2021 at 3:57 am Reply

      Is a great bank and is Africa’s own. They doing great work all over our great Continent. Luanda in Angola. Roka

      • New Africa Business News, Staff Correspondent June 5, 2021 at 4:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Kalisa June 5, 2021 at 3:59 am Reply

      Their investments are all over Africa. Good bank. Kigali in Rwanda. Kalisa

      • New Africa Business News, Staff Correspondent June 5, 2021 at 4:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Paul June 5, 2021 at 4:01 am Reply

      Love your online newspaper and the daily news. Thank you for the newsletters. Paul in Juba South Sudan

      • New Africa Business News, Staff Correspondent June 5, 2021 at 4:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

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