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Guinea Secures $65 Million Loan to Boost Electricity Access

Thursday, 11 July 2024 13:42
Guinea Secures $65 Million Loan to Boost Electricity Access

(Ecofin Agency) - Guinea's National Transitional Council (CNT) has approved a €60 million ($65.03 million) loan from the French Development Agency (AFD). Several local media outlets announced the decision on July 8.

The loan supports the Guinea Forest Region Electricity Access Improvement Project (PAAEGF), which is part of the government's broader National Program for Improved Access to Low-Cost Electricity (PNAAEMC). This initiative aims for universal electricity access by 2030.

The loan has a 20-year repayment period with a seven-year grace period starting from the signing date. Funds will be disbursed in several tranches. The CNT’s general rapporteur noted, "Guinea can choose between a fixed interest rate and a variable interest rate not lower than 0.25% per annum for each installment."

Guinean authorities stated that the project will cover over 121 localities in the Guinea Forest Region. According to the African Development Bank (AfDB), these areas are among the least electrified in the country. The project is expected to benefit approximately 1.2 million residents, including households, women’s associations, health centers, schools, and businesses.

This development comes amid ongoing electricity outages in Guinea, which have plagued the nation since early 2024 due to a production deficit. A malfunction at the Tombo thermal power plant and an unpredictable rainy season have slashed available energy by 75%, prompting the national utility, EDG, to ration electricity for homes and businesses. Ansoumane Kaba, president of the Guinean Employers' Association, reported that 70% of industries are already affected by the crisis.

A July 2022 AfDB report highlighted Guinea's relatively low electricity access rate, standing at 44.1% nationwide and dropping to 19.3% in rural areas.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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