Topic: World Bank approves $1.2bn financing package for Nigeria’s power output  (Read 1970 times)

0 Members and 1 Guest are viewing this topic.

The World Bank Group announced on Wednesday that the executive directors of three of its arms, the World Bank, International Finance Cooperation (IFC) and Multilateral Investment Guarantee Agency (MIGA), have approved a package of loans and guarantees totaling almost $1.2 billion to support a series of energy projects that will help boost independent power generation and ease crippling energy shortages in the Nigeria, Africa’s largest economy.

The approval includes partial risk guarantees of up to US$245 million for the 459 megawatts (MW) Azura Edo power plant near Benin City, Edo State and up to US$150 million for the 533 megawatts Qua Iboe plant in Ibeno, Akwa Ibom State, both plants which are gas-fired.

Another part of the approval is that by the boards of IFC and MIGA approved loans and hedging instruments of up to US$135 million and guarantees of up to US$659 million for the Azura Edo project.

The World Bank Group said these projects are a critical element of its energy business plan for Nigeria.

The approved project is also fully aligned with the World Bank Group Country Partnership Strategy that prioritises improving Nigeria’s power supply, which is critical to expanding inclusive economic growth.

In a statement announcing the series of approvals, the bank said the IBRD guarantees include forward-looking mitigation and risk-sharing arrangements, designed to augment the country’s power sector reforms while building market confidence and setting industry benchmarks.

BusinessDay

 

Related Topics

  Subject / Started by Replies Last post
1 Replies
2491 Views
Last post September 20, 2013, 09:57:03 AM
by clowntom
0 Replies
1956 Views
Last post August 25, 2015, 09:13:35 AM
by flukky01
0 Replies
994 Views
Last post June 22, 2017, 07:00:30 AM
by flukky-1
0 Replies
704 Views
Last post December 13, 2017, 07:01:52 PM
by NaijaPilot
0 Replies
909 Views
Last post June 29, 2018, 01:05:05 PM
by sahara
0 Replies
561 Views
Last post June 25, 2020, 01:02:20 PM
by clowntom
0 Replies
364 Views
Last post October 02, 2021, 07:00:11 PM
by flukky-1
0 Replies
391 Views
Last post December 24, 2021, 07:18:53 AM
by PulseNG
0 Replies
164 Views
Last post October 25, 2022, 01:11:42 PM
by thisday
0 Replies
122 Views
Last post October 24, 2023, 01:01:50 AM
by olutee