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Wednesday 23 November 2016

DAR BANK SEALS 25BN/- DEAL WITH AFD FOR RENEWABLE ENERGY PROJECTS

BANK of Africa Tanzania has signed a credit facility agreement with the French Development Agency (AFD) worth 11.84 million US dollars (about 25.67bn/-) for lending to renewable and efficiency energy projects in Tanzania.

The bank’s Chief Executive Officer (CEO), Mr Ammishaddai Owusu-Amoah, said in Dar es Salaam yesterday at the signing ceremony that the innovative programme will enable the bank to provide both short and long term funding at attractive interest, lower than the usual commercial rates.

“The credit line is accompanied with a technical assistance programme funded through European Union to support and enable the bank to strengthen its capacities in green finance,” he said. Both institutions confirmed the collaboration through the Sustainable Use of Natural Resources and Energy Finance (SUNREF).

He said the technical advice will also provide expertise for potential investors and project developers to further build on their expertise in developing viable renewable and efficiency energy investments.

“This support covers the entire investment process and include projects preparation, risk assessment and bank capacity building,” he added.

On his part, the AFD East Africa Community Regional Director, Mr Bruno Deprince, said AFD supports local banks in identifying green investment opportunities and in allocating green loans with favourable conditions for tailor made debt.

The programme is designed to help businesses seize the opportunities created by the ecological transition by enhancing the banking sector to finance renewable energy and efficiency.


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