Ending his week-long tour of Africa, U. S. President Barack Obama on Tuesday pledging a multi- billion-dollar power project for the continent.

The U. S. president launched the "Power Africa Initiative" to help African nations overcome the electricity deficit.

Obama, who arrived in Tanzania on Monday, said the U. S. has set aside 7 billion U. S. dollars and that the private sector has also committed 9 billion dollars for the project which would be implemented through Public Private Partnership (PPP) model.

He was speaking when he visited Symbion Power Plant, an American energy firm at the Ubungo power complex in Dar es Salaam, Tanzania's economic hub.

Obama said delaying the projects would not benefit the countries and their people.

Tanzania's Minister for Energy and Minerals Sospeter Muhongo said Tanzania, which is among six beneficiaries of the project in Africa, has already made the list of its power projects and handed them to the U. S. Embassy.

The projects will begin to be implemented after completion of the environmental impact assessment, Muhongo said, adding that most of the projects aim to increase power access to rural dwellers.

He said the U. S. boost has come at appropriate time as Tanzania gears to roll out its plans to double power production from current level of 1,438.24 MW of installed capacity to 2,780 MW by 2015.

"And our aim is to reach a point where we will be producing more than 3,000 MW," he said.

Obama said his tour of Senegal, South Africa and Tanzania has shown him that there is a lot of potential for the countries to develop themselves.

He said Africa has all it takes for its countries and people to develop and what is needed is commitment to put into good use the ample resources at its disposal.

"In Senegal I have seen how farmers put into use new technologies which multiply their productivity hence income. I have seen farmers applying new technology, buying new tractors for the first time and tripling their income," he said.

While in Soweto, South Africa, Obama said he met young people who showed him their desire and commitment to change and become young leaders and entrepreneurs.

"I have seen progress in a lot of areas such as health, agriculture, energy and leadership. I have been inspired a lot," he said.

Obama noted that the countries he has visited have demonstrated to him that Africa is ready to unleash its potential to full prosperity, committing his country to assist the continent realize the dream.