OPEC, Rwanda Sign $12 Million Power Project Loan Deal

Rwanda has acquired a $12m (about Rwf7.9b) loan from the Organisation of the Petroleum Exporting Countries' (OPEC) Fund for International Development (OFID) to finance the country's electricity expansion programme.

Suleiman Al-Herbish, the fund director general, and Ronald Nkusi, the director for external finance in the Ministry of Finance and Economic Planning, signed the deal that was finalised on Tuesday at OPEC's headquarters in Vienna.

The money would fund extension works of the Rukarara hydro-power plant transmission lines, Nkusi said in a statement. The power plant, located in Nyamagabe district, Southern Province, currently produces about 9MW at peak capacity.

"The project will include a 30km transmission line from Rukarara to Kilinda and will enable the efficient dispatching of the Rukarara generated electricity, which currently serves only the Southern Province," he said. "It will be completed in one year and will contribute significantly to achieving the Economic Development and Poverty Reduction Strategy target for electricity access to the masses." Rwanda targets to connect 50 per cent households to electricity by 2017 from a paltry 16 per cent currently.

In an earlier interview, the Energy, Water and Sanitation Authority director general, Yves Muyange, said his body would embark on connecting 100,000 households to the national grid annually to achieve the country's target.

Established in 1976, OFID operates as a multilateral development finance institution by OPEC member countries, with the objective of to reinforcing financial co-operation between OPEC members and other developing countries.

 

via The New Times

OPEC, Rwanda Sign $12 Million Power Project Loan Deal

Rwanda has acquired a $12m (about Rwf7.9b) loan from OPEC to finance the country's electricity expansion programme.

Comments

comments

You might also like…

Japheth Omojuwa: Legitimised corruption fuels inequality

 When George Orwell’s widely acclaimed Animal Farm was published in 1945, Nigeria had existed as a nation for about three decades, still under British rule. Though Orwell’s muse was events prior to the Russian Revolution and Stalin’s Soviet Union, nothing in print till date describes the socioeconomic realities of today’s Nigeria more perfectly than this […]

#TogoDebout: 4 people killed, 60 detained as government unleashes security forces on protesters in Togo

 At least four people were shot dead on Wednesday in clashes between protesters and security forces in Togo’s two largest cities after soldiers and police launched teargas to prevent the latest anti-government protest. Opposition parties had refused to cancel plans for demonstrations on Wednesday and Thursday, despite a government ban on weekday protests on security […]

Benin, Liberia and Nigeria lead Africa in ranking at maiden global robotics competition (SEE FULL RANKING)

 Benin and Liberia were ranked highest among the 40 African countries that participated in the just ended FIRST Global Challenge robotics competition held in the United States capital, Washington DC. The six-round maiden international robotics event saw 163 national teams including 6 continental teams made up of students from around the world competing with the common goal of increasing […]

Leave a Reply

Your email address will not be published. Required fields are marked *