The African Development Bank approves loan for power transmission
The African Development Bank has approved a loan of $42.9 M for the major power transmission project in Madagascar.
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Madagascar, Antananarivo: The African Development Bank has approved a loan of $42.9 M for the major power transmission project in Madagascar.
The Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II) includes the construction of a 135 km, 220 kV interconnection line between the capital Antananarivo and the central industrial city of Antsirabé. This is the second phase of the project.
The second phase of the project also includes the electrification of 19 villages in the municipal councils of central Madagascar, a country which, despite having huge renewable energy potential, has an electricity access rate of only 15 % nationally and 6 % in rural areas.
The Bank’s country manager in Madagascar, Mohamed Cherif, said the project demonstrates the Bank’s commitment to increasing access to clean and low-cost energy. This, in turn, is expected to lead to the emergence of new economic opportunities, the development of industrialization, increased business competitiveness and job creation on the Indian Ocean island.
As the sector’s lead donor, the Bank is already actively engaged in several transformative energy projects in Madagascar, including PRIRTEM-I and the Sahofika plant, both intricately linked to PRIRTEM-II.
The project is in line with the Bank’s New Deal on Energy for Africa 2016-2025, as well as its High-5 priorities “Light up and Power Africa” and “Improve the quality of life for the people of Africa.”
The financing was approved on 11 December.
Source: African Development Bank