World Bank Approves Renewable Energy Project Loans to Cabo Verde, Africa
The World Bank on Wednesday approved an International Development Association credit in the amount of US$3.5 million and an International Bank for Reconstruction and Development loan in the amount of US$ 3.5 million for the Renewable Energy and Improved Utility Performance Project (REIUP) for Cabo Verde in Western Africa.
The project will be co-financed by the Canada Clean Energy and Forest Climate Facility (CCEFCF), providing US$ 7.5 million (of which US$ 0.5 as a grant and US$ 7 million as a loan) and the Global Infrastructure Facility, providing US$ 2 million grant.
Despite remarkable progress in expanding energy access and reducing energy intensity in the past 10 years, the power sector in Cabo Verde faces challenges that could undermine its ability to serve as an engine of economic recovery post-COVID-19 pandemic. In this context, the project is intended to help increase Cabo Verde’s renewable energy generation capacity and reduce power system losses, ultimately providing more sustainable and affordable electricity services to the population and contributing to reducing CO2 emissions.
Photo courtesy of Lukas Bato.