THE power sector in Tanzania is attracting the attention of foreign investors who are going participate in the EnergyNet’s Powering Africa: Tanzania executive meeting, in Dar Es Salaam, from January 29 to 31.
Tanzania’s power sector is attracting the attention of international finance institutions and investors. The World Bank has agreed to support Tanzania to strengthen the country’s business environment and 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. Investment from banks and investors such as the World Bank, African Development Bank, AfDB, the Millennium Challenge Corporation, OPIC, CADFund, CDB and United States Aid for International Development, USAID, will provide the backbone of investment in Tanzania whilst the industrial sector finds its feet.
Most recently the World Bank invested a further $60 million 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.
The investors will participate in the EnergyNet’s Powering Africa: Tanzania executive meeting, in Dar Es Salaam, Tanzania, from January 29 to 31. The meeting 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.
“With such a focused group of industry shapers participating at the Powering Africa: Tanzania meeting from the January 29 to 31, we can’t help but be buoyed by the possible outcomes of the debate.” Simon Gosling, EnergyNet.
Tanzania is one of the six African countries being given priority for investment from the US government’s “Power Africa” initiative which will commit more than $7 billion over the next five years in financial support in their goals to increase power generation. The opportunities are 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.
According to the International Energy Agency, sub-Saharan Africa will require more than $300 billion in investment to achieve universal electricity access by 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.
— Jan. 27, 2014 @ 01:00 GMT