Yaoundé - 02 October 2023 -

World Bank pledges CFA184bn to finance electricity development in Cameroon

World Bank pledges CFA184bn to finance electricity development in Cameroon
  • Comments   -   Monday, 12 June 2023 16:11

(Business in Cameroon) - The World Bank agreed to provide CFA184 billion to support the electricity sector recovery plan validated in Cameroon in February 2023. The good news was announced recently in Yaoundé during a high-level dialog between members of the government and representatives of the institution.

Welcoming the initiative, Water and Energy Minister Gaston Eloundou Essomba said "The money will be used, among other things, to improve transit capacity and build new substations and transmission lines to supply industries". The World Bank financing represents 43.8% of the CFA420 billion sought by the government to deploy the recovery plan until 2030.

Let’s note that the electricity sector recovery plan is a component of the National Development Strategy (SND30), which seeks to increase the electricity generation capacity in the country to 5,000 MW by 2030, compared with the current 1,652 MW. The plan revolves around seven points, one of the main ones being the search for financial sustainability and an improved energy mix, in particular, through the development of solar energy, according to the Ministry of Water and Energy.

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