{{In the midst of the Annual World Bank meetings in Washington D.C., the Ministers of Finance from Burundi, Rwanda and Tanzania signed $340 million for the Regional Rusumo Falls Hydroelectric Project. }}
This project is the first operation under the World Bank Group Great Lakes Regional Initiative inaugurated by World Bank Group President Jim Yong Kim during his historic joint visit with UN Secretary General Ban Ki-moon in May 2013.
The World Bank financing of a total US$340 million – US$113.30 million to each of the governments of Burundi, Rwanda and Tanzania respectively.
Hon. Minister Claver Gatete shook hands with Mr. Colin Bruce, Director of Strategy Operations and Regional Integration at the World Bank during this momentous signing ceremony. The 80 megawatt generation capacity will boost reliable power supply to the electricity grids of Burundi, Rwanda and Tanzania.
It will also reduce electricity costs, promote renewable power, spur job-led economic development and pave the way for more dynamic regional cooperation, peace and stability among the countries of the Nile Equatorial Lakes (NEL) sub-region in east Africa.
Power demand is increasing rapidly and the limited availability of electricity is constraining development in the region. The three main project beneficiaries are characterized by constrained power systems where demand exceeds present generation capacity.
The costs of meeting peak loads on national power systems are high as these loads are supplied from expensive thermal plants.
Investments in power generation facilities will increase the reliability and lower the cost of electricity, thus contributing to the achievement of the countries’ economic development.
The Rusumo power plant is set to commence in 2014.
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