The World Bank will finance a $ 794.5 million hydropower project in Cameroon to facilitate access to electricity for 88% of its population by 2022.
Located in the village of Nachtigal in central Cameroon, the project will enable the country to increase the capacity of electricity production by 30%. “This investment in clean energy is essential to reduce the cost of electricity and ensure the competitiveness of the Cameroonian economy,” said Elisabeth Huybens, Director of the World Bank in Cameroon.
Called Nachtigal, this project is “one of the very few hydro-electric public-private partnership projects in sub-Saharan Africa that will accelerate the achievement of Cameroon’s development goals, including poverty reduction,” she said.
It should be noted that $ 300 million from the International Bank for Reconstruction and Development (IBRD), $ 262.5 million from the Multilateral Investment Guarantee Agency (MIGA) guarantees, $ 70 million from equity and $ 152 million in Corporate Loans (IFC) was pooled into a set of sustainable private sector solutions for the infrastructure sector.
