TIB Development Bank and SNV Netherlands Development Organization signed an agreement for pico solar PV lighting applications in Tanzania’s Lake Zone.
The project is expected to reach more than 175,000 off-grid residents with the TIB and SNV’s €3 million. TIB’s managing director Peter Noni said the signing of the deal was based on Results Based Financing (RBF) Fund which is financed through the Energizing Development initiative. Noni said the RBF Fund was a temporary financial mechanism in mainstream banking to help the private sector develop the pico solar market.
The fund will be open to the private sector beginning in May until August 2017, focusing on lighting products for rural markets throughout the six Lake Zone regions including Geita, Kagera, Mara, Mwanza, Shinyanga, and Simiyu.
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