CRDB, UBA sign 1.7tri/- bank guarantee deal for Rufiji Hydro project execution

CRDB Bank and United Bank of Africa have partnered to provide a $737.5m (1.7tri/-) bank guarantee required by JV of Arab Contractors and Elsewedy Electric of Egypt for execution of Rufiji Hydroelectric Power Project.

The guarantee is a contractual agreement that is 10 percent for the execution of the 6.6tri/- power project at Stiegler’s Gorge.

The event was witnessed by Permanent Secretary for the Ministry of Energy, Dr Hamis Mwinyimvua, Treasury Deputy PS Amina Shabani, BoT Deputy Governor Dr Bernard Kibesse and Egyptian Ambassador to Tanzania, H.E Major General Issa Suleiman Nassor.

Tanesco Managing Director, Dr Tito Mwinuka also witnessed the signing of the partnership in Dar es Salaam on Monday.

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