- EIB allocates $364 million in funding
- The Mali-Guinea electricity reconnection project is part of the WAPP
- The EIB will also provide technical expertise for the project
The European Investment Bank (EIB) has allocated the sum of $364 million for the Mali-Guinea electricity reconnection project. The project a part of the West African Power Pool (WAPP) involves the construction of 225 double-circuit power lines between the two beneficiary countries.
The Vice-President EIB, Ambroise Fayolle has said the facility is “the largest loan ever granted by the European Union’s investment bank for an investment in Guinea, and will facilitate the construction of the missing link between the national and sub-regional electricity grids”.
At the completion of the project, members of the WAPP will have access to electricity produced by the dams under construction in Guinea. They include the Kaléta hydroelectric dam with a 250 Mega Watt (MW) capacity and the Souapiti hydroelectric dam, a 450 MW power plant.
In addition to the funding, the EIB will also provide Technical, Environmental, and Social policy expertise to the host countries. This project will help Guinea achieve its target of over 80% electrification rate over the next four years.