Bank, USAID team up to finance Power Africa Initiative

10Nov 2018
The Guardian Reporter
Dar es Salaam
The Guardian
Bank, USAID team up to finance Power Africa Initiative

THE Eastern and Southern African Trade and Development Bank (TDB) and USAID's Power Africa Initiative yesterday signed a memorandum of understanding (MoU) that will finance power projects in 22 African countries.

The memorandum was signed at African Development Bank's inaugural Africa Investment Forum in Johannesburg, South Africa, where emphasis on investment was at the core of tens of transactions anticipated to take place.At the signing, Trade and Development Bank's President and Chief Executive Admassu Tadesse, said, "TDB is very pleased to deepen its existing partnership with USAID in further support of the Power Africa Initiative, which resonates strongly with TDB's strategy and mandate,” he said, adding:

“We are proud to count USAID among our growing number of cooperating trade and development finance partners in the US."As a new entrant to the programme, this collaboration makes TDB the 18th development partner of the Power Africa initiative.

It formalises an already existing relationship between Power Africa and TBD, which has been working together to finance the power sector, and will now further strengthen the commitment to powering Africa through local institutions.USAID Africa Bureau Senior Deputy Assistant Administrator Ramsey Day said, "We are excited to welcome TDB as our 18th development partner.”

He acknowledged the bank's commitment to increase its exposure in the energy sector from its current 8 per cent to 20 per cent of its portfolio, the equivalent of bringing $400 million new dollars to power sector financing.At the plenary session, some of the key take-away messages exemplified by this MoU signing were to scale up, speed up, and synergise the opportunities for investment at the Africa Investment Forum.




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