(Ecofin Agency) - Exim Bank China granted Guinea $1.3 billion to fund the construction of Souapiti hydropower dam (450 MW). “The signing of the loan agreement will take place very soon, which will allow to fast-track construction work at the plant,” Guinea's government said in a statement.

This loan from Exim will be repaid by Guinea with revenues generated by the sale of the dam’s production as the country plans to export electricity to neighboring countries.

  For the record, the project initiated since 2007 was suspended due to the country’s political instability. The construction, which should be completed within 5 years, finally began in 2015 and is handled by China International Water & Electric Corp. (CWE). Let’s recall that Guinea’s current electrification rate is about 25%.

Gwladys Johnson Akinocho