Public Management

Guinea Secures $65 Million Loan to Boost Electricity Access

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

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.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.