TANESCO, EWURA, Millennium Challenge Corporation, OPIC and IFC to address the future of Tanzania’s power sector

TANESCO, EWURA, Millennium Challenge Corporation, OPIC and IFC to address the future of Tanzania’s power sector

AR ES SALAAM, Tanzania, January 9, 2014/ — “With such a focused group of industry shapers participating at the Powering Africa: Tanzania meeting from the 29-31 January , we can’t help but be buoyed by the possible outcomes of the debate.” Simon Gosling, EnergyNet.

As the World Bank agrees to support Tanzania to strengthen the country’s business environment, international investors flock to the country in search of credible partners, a deeper understanding of the requirement of entering the market and an eagerness to do business.

According to the International Energy Agency, sub-Saharan Africa will require more than $300 billion in investment to achieve universal electricity access by 2030. The US government’s “Power Africa” initiative, which includes Tanzania as one of six priority countries for investment, will commit more than $7 billion over the next five years in financial support to African countries in their goals to increase power generation.

The opportunities are therefore massive for Tanzania to transform its economy, create thousands of jobs and empower the youth of the nation to take the East African region profitably forward through to 2030.

Whilst both Kenya and Mozambique have witnessed increased investment of late, it is in Tanzania that the volume of investment is changing more rapidly compared with previous years. Managing this transformation appropriately will be the lasting legacy of the government.

Investment from banks and investors such as the World Bank, AfDB, the Millennium Challenge Corporation, OPIC, CADFund, CDB and USAID will provide the backbone of investment in Tanzania whilst the industrial sector finds its feet. Most recently the World Bank invested a further US$60mln to boost Private Sector Competitiveness and to fuel sustainable growth and support job creation; a key off-shoot of increased access to energy and power sector development, for which the Bank is also playing a central role.

EnergyNet’s Powering Africa: Tanzania executive meeting, to be held from 29th-31st January in Dar Es Salaam, will explore the importance of international partnerships in more detail, bringing together leading international players such as Symbion Power, Schneider Electric, Aldwych International as well as local stakeholders including the Ministry for Mines and Energy, TANESCO and EWURA, to create a credible platform to discuss the opportunities for investors in the country’s power sector. EnergyNet is delighted to have these hugely important organisations represented, further highlighting their commitment to Tanzania.

Distributed by APO (African Press Organization) on behalf of Clarion Events.

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