Two months since the government officially handed over the site for the construction of the $2.95 billion (about Sh6.6 trillion) Stiegler’s Gorge hydroelectric dam to a Joint Venture (JV) of Egyptian firms, the contractor yesterday received a vital financial boost that paves the way for actual dam erection to start.
CRDB Bank Plc and United Bank for Africa (Tanzania) have teamed up to issue counter guarantees in a financial syndication to provide $737.5 million guarantees to the JV between Arab Contractors and Elsewedy Eletric of Egypt for the execution of the Stiegler’s Gorge project, famously known as Rufiji Hydroelectric Power Project.
