$22.7 M to support Mali’s renewable energy deployment

Mali: The World Bank’s board of executive directors approved a $22.7 M financing to support Mali’s efforts to promote the deployment of renewable energy in rural areas.

The financing package is composed of a $20 M equivalent credit from the International Development Association (IDA) and a $2.7 M grant from the Japan Policy and Human Resources Development Fund.

This represents an additional financing to the Mali Rural Electrification Hybrid System Project, which was approved by the board in December 2013.

The IDA credit will consolidate activities of the original project.

“By introducing lower-cost financing for renewable energy generation in rural areas, the project contributes to reducing the cost of providing affordable and reliable electricity services, facilitates the expansion of energy access, and strengthens Mali’s rural electrification business model,” said Charles Joseph Cormier, World Bank practice manager for energy and extractives global practice.

Source: ESI Africa