Côte d’Ivoire secures $325 million loan from World Bank to boost power network
(Ecofin Agency) - Cote d’Ivoire secured a FCFA196 billion (more than $325 million) loan from World Bank’s arm, the International Development Association (IDA). The facility comes with an interest rate of 3% and a 25-year maturity period.
Secured during the World Bank/IMF Spring Meetings, the loan will be used to rehabilitate and extend the national transport and power distribution network. Part of it will also serve to rapidly connect to the grid homes across the 10 regional capitals and rural areas in the South-Western part of the country.
Though the whole project is to be financed by the IDA, the country itself will finance the development of sites and compensate affected populations, World Bank said on its website.
The financial support will therefore help the government achieve its objectives in regards to reliable power supply.