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Publish Date : 11-Apr-2017

The African Development Bank (AfDB) has agreed to provide a loan of US$ 29.8-million to facilitate development of the natural gas industry of Tanzania.

With this newly approved funding, the country will be able to mobilize domestic resources and tap the potential of its natural gas assets via leveraging national markets and local content schemes.

The regional lender has sanctioned the money subsequent to the last months one-day workshop, which was attended by the public and private sector representatives, both national and global.

The one-day workshop held in Dar es Salaam in March 2017 had been devoted to the local content and use of gas at the domestic and regional levels.

The workshop was co-organized by the Tanzanian Government through the National Economic Empowerment Council (NEEC) and the banks African Natural Resources Center on the theme "Unlocking the potential of gas resources In Tanzania, leveraging domestic markets and local content requirements".

Tanzania, with discoveries of huge amount of offshore gas reserves, has prospects of turning around its economy and increase the national GDP by twofold, expand energy access at the national as well as regional levels and facilitate industrial growth in the country. Despite these opportunities, the country has major hurdles as well.

The AfDB Country Manager (Tanzania) Chidozie Emenuga asserted, The AfDB is stepping up its support to the government of Tanzania to develop the gas sector that is potentially transformative for the country.

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