M a r k e t N e w s
China boosts electricity project in Africa with $800m
Posted on : Thursday , 14th January 2016
China has pledged to finance an electricity project in Ivory Coast with US$800m. The project involves the expansion of the country’s electrical grid with the aim of supplying electricity to 500 towns.
Ivory Coast on its part is expected provide additional sum of US$41m towards the funding of the power project. The government will be responsible for the installation of the 1,955km of high-tension lines as well as the electrification of the 500 towns.
Ivorian Prime Minister Daniel Kablan Duncan, said that the project is expected to last for 3 years to complete. He expressed confidence that upon completion,the project will ensure adequate, high-quality electricity supply to residents at reasonable costs.
Additionally, to the power project, 13 more power substations will be constructed as the other 14 existing power stations will undergo renovation to sustain the nation of approximately 20million.
China has numerous ongoing projects in Ivory Coast including the construction of the US$412m hydroelectric dam, with its total active financial commitments topping out at about US$1.52bn.
With the enormous projects in Ivory Coast, Beijing has positioned itself to become a key trading partner for China, with bilateral trade from 64% percent to 917.81m between 2010 and 2014.
Ivory Coast aims at doubling its power output by 2020.
National Authorities also plans to invest $18bn in the energy sector by 2030, with major funding expected to come from the private sector. Ivory Coast is one of the emerging economic power house in the West Africa region.
Millions of Africa are presently living without access to electricity, a situation noted to be a major hindrance to economic growth as well as growing the living standards of Africa.
Source : constructionreviewonline.com
