Lusa - Business News - Angola: World Bank approves energy improvement project involving $250M loan

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Lusa - Business News - Angola: World Bank approves energy improvement project involving $250M loan

Washington, Feb.22,2021 (Lusa) - The World Bank on Monday announced its approval of an Electricity Sector Improvement and Access Project, worth $250 million (€206 million), for Angola's provinces of Luanda, Benguela, Huíla and Huambo.
The project is to fund electrification investments in these four provinces, completing 196,500 new power connections that will benefit around 1 million people and 93,857 public lamp-posts, according to a bank statement sent to Lusa.
The total cost of the project is US$417 million, with this funded with a $250-million loan from the World Bank and a $167-million loan from the French Development Agency (AFD). Its declared aims are to focus on expanding access to electricity and improving revenue collection, energy services and the capacity of the Public Electricity Production Enterprise (PRODEL), as well as strengthening the sustainable management of thermal power plants.
According to the statement, the project also aims to boost the commercial performance of the National Electricity Distribution Company (ENDE), as well as funding the RNT (National Transport Network) for targeted interventions to improve and optimise the delivery of electricity supply and overall management of the national transport network. It also aims to fund "immediate measures" to increase the operational, commercial and technical capacity of the three public energy companies, "resulting in significant improvements in electricity services".
Cited in the statement, the World Bank's director in Angola, Jean-Christophe Carret, said: "Investment in infrastructure, especially in energy, is fundamental for economic development and quality access to electricity services will have a knock-on effect on many other sectors, including agribusiness, health, education, just to name a few."
Access to energy in Angola, despite the rapid expansion of power generation capacity, he noted, "is limited to fewer than 40% of citizens, with inadequate services impacting poverty, productivity and regional disparities, therefore the project aims to address the most critical actions needed to help expand access to electricity, improve companies' operational and commercial performance and ultimately increase their credibility."
This, the statement concluded, "will contribute to reducing extreme poverty, improving the resilience of communities to the impacts arising from COVID-19 and increasing shared prosperity."

MBA/ARO // ARO.
Lusa

Agency : LUSA
Date : 2021-02-23 10:53:00

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