According to the International Energy Agency, sub-Saharan Africa will require more than US$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 US$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$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.
EnergyNet’s Powering Africa: Tanzania executive meeting, to be held from 29th to 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.