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AFDB APPROVE LOANS TO IVORY COAST AND MOROCCO FOR RENEWABLE PROJECTS
Ivory coast and Morocco gets loan from AFDB for Renewable projects.
The both country are set to get US $324m loan from the Africa development bank to support projects in their countries that will increase power supply and keep economic growth on track.
Morocco is expected to get US $265m which will help develop two solar power plants (NOORM I and NOORM II) at a total cost of US $2.3bn with a cumulative capacity of 800MW, under a public-private partnership (PPP) while Ivory Coast Singrobo-Ahouaty project involves the design, construction and operation of a 44MW hydropower plant on the Bandama River.
AfDB President Akinwumi Adesina; “These approvals demonstrate once again the Bank’s leadership on renewable energy in Africa,”
According to him, “These projects will be essential to achieving the countries’ Nationally Determined Contributions under the Paris Agreement which i believe will sends a strong message ahead of the One Planet Summit on Climate next week in Paris.”