Guinea Borrows $1.3 Billion To Build Hydroelectric Plant

single-image
Guineas ambition to become electricity exporter to its African neighbours got on the way with the approval by Chinas EximBank of $1.3 billion loan for the construction of its proposed 450 megawatt hydroelectric plant. The project suffered initial delay owing to political instability in the country, but by 2015 the China Water Electric, CWE, began building the dam in December. The Guinean Government expects the project to take about five years. Reuters quoted a Guinean Government statement saying work will progress faster with the signing of the loan agreement will take place very soon. Upon completion, the sale of electricity will be a joint venture between the Guinean Government and the CWE and money realised used to pay back the loan. Only a quarter of the Guinean population has access to electricity, according to USAID. The UN agency cited failing infrastructure and mismanagement in Guineas power sector as reason. President Conde on Monday faced protests, incited by the opposition party, over dispute in local elections held.   Fola Ademosu
ads

Latest in this Category

ads