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The effort to build the 87.8-MW Kakono hydropower plant in Tanzania has secured $300 million in financing from the French Development Agency and the African Development Bank, paving the way for the engineering, procurement and construction phase to begin.
A financing agreement between Tanzania and the project's co-financiers—the African Development Bank, Agence Francaise de Developpement and the European Union was signed in mid-April. The lenders are providing soft loans of $161.47 million and $121.2 million respectively, while the EU is offering a $39.5-million grant.