June 12, 2011
MCC CEO Daniel Yohannes, Secretary of State Clinton Applaud U.S. Company’s Investment in Tanzania
Work of Symbion Power LLC, Pike Electric will support economic growth, reduce poverty
Dar es Salaam, Tanzania –Daniel W. Yohannes, CEO of the U.S. Government’s Millennium Challenge Corporation (MCC), joined Secretary of State Hillary Rodham Clinton today to highlight how U.S. company Symbion Power LLC has used an MCC-funded contract as an opportunity to enter a new market and make its own investment in Tanzania. Secretary Clinton and Mr. Yohannes toured the Ubungo Power Plantin Dar es Salaam, Tanzania, which was recently purchased by Symbion Power.
Earlier this month, Symbion Power switched on the turbines at the Ubungo Plant to connect to Tanzania’s national electricity grid, which will help to alleviate the country’s severe power shortages, expand economic opportunities, and improve the lives of the people of Tanzania.
“These strategic investments will expand economic opportunities and improve the lives of Tanzanians,” Mr. Yohannes said. “The private sector is the most dynamic engine of development, job creation, innovation, and increased productivity. We all win — here in Tanzania and back home in America — when the private sector can compete and succeed in next-generation emerging markets, including those on this great continent.”
In 2008, MCC signed a $698 million compact with Tanzania. After a competitive bidding process, Symbion Power and Pike Electric were awarded MCC-funded contracts under the compact’s $206 million Energy Sector Project to construct more than 20 power sub-stations and install approximately 1,000 miles of transmission and distribution lines throughout Tanzania.
As part of President Obama’s new Partnership for Growth (PFG) initiative, a joint team of U.S. and Tanzanian economists have concluded that improving the energy sector would address the single most important constraint to economic growth in Tanzania.
Read more about the event and the work of Symbion Power and Pike Electric in Tanzania here.
You may find Mr. Yohannes' remarks as prepared for delivery here.
Millennium Challenge Corporation, a U.S. Government agency designed to work with developing countries, is based on the principle that aid is most effective when it reinforces sound political, economic, and social policies that promote poverty reduction through economic growth. For more information, please visit www.mcc.gov.
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