The European Investment Bank (EIB) has plans to extend €50m as investment to fund the 64MW Mount Coffee hydropower project in Liberia, West Africa.
Mount Coffee hydropower project, projected to entail a total cost of €180m, is expected to be approved before the end of 2012.
Liberia Vice President Pim Ballekom told Bloomberg that the financing is part of the bank’s several loans to sub- Saharan Africa, totaling nearly €1bn.
"The project is identified as being a very important element in regional integration, and supporting a post-conflict country," van Ballekom said.
Liberia plans to restore infrastructure that was previously destroyed in the 1989- 2003 civil wars and currently generates only 23MW of electricity.
EIB will also invest €100m for the 147MW Ruzizi III hydropower dam’s generation and transmission infrastructure in East Africa.
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By GlobalDataThe €300m project will be located on the borders of Congo, Burundi and Rwanda on the Ruzizi River.
"If we can stimulate regional cooperation, it’s an extra, certainly when it’s in the Great Lakes district," Ballekom added.
Ballekom further remarked that African nations need to invest in renewable energy.
"It’s always good to have a broad energy base so you’re not dependent on certain countries or regimes you don’t like to be over-dependent on," added Ballekom.
