Tanzania announced it is in talks with the World Bank over a $200 million loan to clear Tanesco’s debt and revive the power utility. The company’s debt stood at $363 million in 2016, against $250 million the year before.

The news comes after Tanzania’s president, John Magufuli, cancelled the increase (+8.53%) of power tariffs approved by the energy and water utilities regulatory authority (Ewura) last Dec. 31, 2016. Judging the measure anti-industrialization, the leader had in fact let go of Felchesmi Mamba, Tanesco’s director.

Despite many experts suggesting that the World Bank could ask, in exchange for the loan, Tanesco to increase electricity tariffs to cover its energy production costs, the government said “there is no agreement with the World Bank in this regard”.