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Thursday, 13 December 2018

Elsewedy, Arab Contractors ink USD 2.9 bn Tanzania dam agreement

Elsewedy, Arab Contractors ink USD 2.9 bn dam construction agreement with Tanzania: A joint venture between Elsewedy Electric and Arab Contractors has signed a USD 2.9 bn agreement to build a 2.1 GW dam and a hydropower plant over Tanzania’s Rufiji River, Elsewedy said in a statement (pdf). The final contracts, signed with Tanzania’s government, will see the JV take charge of the entire design, procurement and construction process. The project is financed by the host government and slated for completion sometime around June 2021, with power generation beginning in April 2022. “[The JV is] supporting Tanzania’s economic development by exploiting the country water resources to build an affordable, reliable and sustainable energy mix for Tanzania’s future,” CEO Ahmed Elsewedy said. Elsewedy will hold a 45% stake in the project while Arab Contractors 55%.

The project had previously prompted concerns from conservation groups, according to Reuters, which noted that the dam could potentially endanger the proximate Selous Game Reserve. The massive nature reserve — home to elephants, black rhinos and giraffes — is one of the largest in Africa and a UNESCO world heritage site.

Egypt, Tanzania seek other cooperation avenues: The agreement was inked during a ceremony attended by Prime Minister Moustafa Madbouly and Tanzanian President John Magufuli, who also discussed how to expand bilateral ties.

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