Subject: [wanabidii] DRC: Inga mega hydropower plant implementation advances with AfDB support - An hydro-electric potential estimated at 44,000 MW - half of Africa's installed electricity capacity
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PRESS RELEASE
DRC Inga mega hydropower plant implementation advances with AfDB support
An hydro-electric potential estimated at 44,000 MW – half of Africa's
installed electricity capacity
TUNIS, Tunisia, November 20, 2013/ -- The Board of Directors of the African
Development Bank Group (AfDB) (http://www.afdb.org) approved US $68 million
in financing for the multinational Inga Site Development and Electricity
Access Support Project (PASEL). The project will further the development of
the Inga hydropower plant located on the banks of the Congo River with a
vast hydro-electric potential estimated at 44,000 MW – half of the
continent's installed electricity capacity. The AfDB's support, which comes
in the form of a Fragile States Facility grant of US $7.7 million and an
African Development Fund grant of US $60.6 million, accounts for 43% of the
total project cost of US $169 million. With this approval, the support of
the AfDB to the Inga project, since the inception of the mandate to lead the
implementation of the NEPAD Infrastructure Action Plan, will amount to-US
$90 million.
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PASEL will finalize the preparation of the first phase of the Grand Inga
Hydropower Project, called the Inga 3 Project, which will consist of
developing a power-generating capacity of 4,800 MW on the Inga site and
building power transmission lines that will supply electricity to the
Democratic Republic of the Congo (DRC) and to the Republic of South Africa.
Specifically, this project will facilitate the development of the local
institutions and skills necessary (technical, legal and financial advisors
will be provided) to attract private capital for the completion of Inga 3
which is a complex project. In addition, capacity-building efforts will
enable local actors to make a wise choice for the project's principal
investor-developer under the public-private partnership. Improved access to
electricity is also expected in the semi-urban areas of Kinshasa for more
than 25,000 households.
"This is the right project for the DRC and the Bank – at the right time,"
said Alex Rugamba, Director of the AfDB's Energy, Environment and Climate
Change Department. "It is timely because it facilitates the implementation
of Inga 3 whose investment costs would otherwise be difficult to mobilize in
the current context of the DRC."
The AfDB's financing will be used to cover the cost of technical assistance
to ensure the completion of preparatory activities for the Inga 3 Project.
It will also help address electricity scarcity in remote areas that are not
directly covered by Inga but where the DRC intends to develop electrical
systems around micro- or mini-hydropower plants. The Bank will put several
advisers at the disposal of the Inga Site Development and Promotion
Authority and conduct several studies on the Inga project that will generate
real-time gains in the overall project schedule.
PASEL builds on previous AfDB support to the Inga Hydropower Project, which
led to: the development of institutional and technical plans; a feasibility
study, which defined the development pattern of the Grand Inga by successive
phases; and the identification of an innovative approach to the project that
will guarantee the full realization of Inga's hydro-electricity potential
and promote continental integration.
The Inga 3 Project will increase access to more reliable and cheaper energy
in the DRC, contributing to an increase from the current 9% to over 40% by
2020. It is also expected to improve the business climate and productivity
of the economies of beneficiary countries.
Current demand for electricity in the region is huge and steady,
guaranteeing a market for the energy to be produced from the hydropower
plant. Indeed, South Africa has already signed an agreement with the DRC to
import about half of the electricity that will be produced, guaranteeing the
bankability of project. Signed by the presidents of South Africa and DRC in
October 2013, the treaty, which is the framework for the energy-purchase
agreement, is awaiting ratification by their respective national
parliaments.
Distributed by APO (African Press Organization) on behalf of the African
Development Bank (AfDB).
Contacts:
Media: Penelope Pontet de Fouquieres, Communications, T. +216 71 10 19 96 /
C. +216 24 66 36 96 p.pontetdefouquieres@afdb.org
Technical contacts: Ibrahima Konate, Chief Power Engineer, i.konate@afdb.org
Succès Assyongar Masra, Senior Financial Analyst, s.masra@afdb.org
About the African Development Bank Group
The African Development Bank Group (AfDB) (http://www.afdb.org) is Africa's
premier development finance institution. It comprises three distinct
entities: the African Development Bank (AfDB), the African Development Fund
(ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African
countries with an external office in Japan, the AfDB contributes to the
economic development and the social progress of its 54 regional member
states.
For more information: j.mp/AFDB_Media
SOURCE
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