CRDB Bank, TANESCO Launch Power Loan Scheme as National Connections Pass 1 Million

Tanzania Electric Supply Company (TANESCO) and CRDB Bank signed an Electricity Connection Financing Scheme in Dar es Salaam to provide loans for citizens to access power and build energy-dependent businesses.

Dar es Salaam Regional Commissioner Albert Chalamila announced the scheme at the Julius Nyerere International Convention Centre (JNICC).

The deal comes as electricity connections across Tanzania cross one million households, with Dar es Salaam and Pwani regions consuming over 800 megawatts of total grid power.

Rising population numbers and expanded commercial activities drive the high energy demand in Dar es Salaam. Many people migrate from different parts of the country to the commercial city, which increases demand for power and public services.

"The growth in economic activities and energy demand has also been accompanied by the expansion of financial institutions such as CRDB Bank, which provide loans and capital to enable citizens to invest in electricity-dependent activities, including industries and entrepreneurship," Chalamila stated during the signing ceremony.

Government funds grid upgrade to curb outages

To sustain power stability, President Samia Suluhu Hassan directed more than 800 billion Tanzanian shillings into energy and electricity infrastructure projects within Dar es Salaam.

Chalamila praised the President for funding the improvements, noting that the money targets better grid stability and fewer power blackouts. He stated that the investment aims to improve everyday life for residents.

CRDB Bank will now supply funding options under the agreement to help citizens pay connection fees and finance electricity-dependent ventures, including factory setups and local small businesses.

TANESCO will use the financing programme to spread grid infrastructure into new residential and commercial districts, keeping up with rapid urban migration into the nation's primary economic hub.