World Bank to alleviate Madagascar power struggle with $1.3B
The World Bank Vice President for Africa, Makhtar Diop, has confirmed the Bank’s commitment to support Madagascar with $1.3 billion over the next three years, as pledged in Paris last December during the international donors conference.
With only 14% of the population with access to electricity, Madagascar is high on the priority list for the World Bank Group, so the Bank is committed to work with the government of Madagascar to improve two critical development factors: human development and access to energy, reports ESI-Africa.
As the region is rich in hydro resources, the renewables sector could help improve the current situation.
According to ESI-Africa, Vassilis Koutras, managing director for Francophone countries for Dominovas Energy, a US-based power solutions firm, said that the country’s hydro potential is high and developments are looking promising.
“Madagascar’s hydro potential of 7,000 MW represents a tremendous opportunity for Dominovas Energy and signifies a leap forward for Madagascar. Madagascar is one of our top priorities for development and operation of multiple power projects,” Koutras noted.