World Bank Finances Small Renewable Energy Projects in Tanzania
6 April 2010: The World Bank approved the "Additional Financing to the Energy Development and Access Expansion Project," which aims to establish a sustainable basis for energy access expansion and renewable energy development in Tanzania.
The US$25 million project adds to an International Development Agency (IDA) credit of US$105 million and a Global Environment Facility (GEF) grant of US$6.5 million approved in December 2007, and focuses on providing local banks with long-term funds for financing small renewable energy projects. The project will contribute to global carbon dioxide emissions reductions and lays the ground for local rural development because most developers are local, rural small and medium enterprises (SMEs). [Project Website] [World Bank Press Release]