(Ecofin Agency) - A funding agreement valued at €85 million was just signed by European Investment Bank (EIB) for the interconnection of power networks in West Africa. The funding is to go to the Organization for Valorization of Gambia River (OMVG) so as to connect Senegal and Guinea which will respectively obtain 20 and 65 million euros.

The interconnection project will extend over 925 Km and once completed, it will link Senegal, Guinea, Gambia, and Guinea Bissau. The network will transport electricity produced at Kaléta plant in Guinea and other production facilities which are going to be installed along the path. Upon completion, it will connect to the Transco CLCG (Côte d’Ivoire, Liberia, Sierra Leone and Guinea) and OMVS (Organization for Valorization of Senegal River) power networks.

Commenting on the signing, Ambroise Fayolle, EIB’s Vice-President said: “It is a key financing for West Africa and it is highly symbolic in regards to the upcoming COP 21. Through it, we aim to support the access to a clean, safe and sustainable energy. With regional cooperation, the impact of this project on sustainable development and West African populations will be highly significant.”

Aaron Akinocho