The European Investment Bank (EIB) has agreed to financially back an investment programme that is aimed at upgrading the energy infrastructure in Guinea, a country in the western part of Africa.
This programme includes the upgrade of four hydropower facilities that are located at Grand Chutes, Donkea, Baneah and Garafiri.
The redevelopment will boost the power generation capacity from 75MW to 122MW.
The EIB will finance about 38% of the project cost while the rest will come from the Republic of Guinea, the Islamic Development Bank, Kuwait Development Fund, World Bank and African Development Bank.
In addition, the plans also include renovation and expansion of two substations located at Sonfonia and Kipe, and electricity distribution in Conakry.
EIB vice president Pim van Ballekom said: "West Africa faces huge energy challenges and the European Investment Bank is committed to supporting investment across Africa that both supports economic activity and improves lives.
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By GlobalData"The Ebola epidemic is yet to be contained but it is essential that the international community does not abandon the region. We stand ready to do all we can to assist now and support economic recovery in the years ahead."
Although Guinea has huge amount of hydropower resources, due to the high costs of operating diesel generators, the country has not been able to leverage its resources.
Limited electricity generation and distribution have restricted the country’s economic development.
