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The World Bank will finance a $ 794.5 million hydroelectric project in Cameroon to facilitate access to electricity for 88% of its population by 2022.
Located in the village of Nachtigal, in the center of Cameroon, the project will allow the country to increase by 30% the capacity of electricity production. "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 the reduction of poverty," she says.
Note that $ 300 million from the International Bank for Reconstruction and Development (IBRD), $ 262.5 million in guarantees from the Multilateral Investment Guarantee Agency (MIGA), $ 70 million in equity and $ 152 million Loans Corporation (IFC) were pooled into a set of sustainable private sector solutions for the infrastructure sector.
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