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    $43 Million has been Validated by the Board of Directors of the African Development Bank to Madagascar in a bid to Subsidize the next phase of Energy Transmission Venture

    Posted On 21 Dec 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura–

    Photo Credit: Siemens

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone-  The Power Transmission Network Reinforcement and Interconnection Project in Madagascar (PRIRTEM-II) comprises the construction of a 135-km, 220 kV interconnection cable between the capital – Antananarivo and the central industrial city of Antsirabé. Also, the project will enable to nourish the power produced by the Sahofika Hydropower Plant into the national grid, providing with some eight million people with accessible, clean energy.

    However, the financing includes a loan of UA 20 million ($28.6 million) from the African Development Fund (ADF), the concessional lending window of the Bank, and a loan of UA 10 million ($14.3 million) from Pillar 1 of the Transition Support Facility (TSF), the Bank’s financing mechanism for fragile and transition countries.

    The succeeding phase of the project also encompasses, the electrification of 19 townlet in the Soanindrariny, Ambohidranandriana, Ambatomena and Ambohimiarivo municipal councils of central Madagascar, a country which spite having enormous renewable energy potential, has an electricity access rate of only 15% nationally and 6% in rural areas.

    The Bank’s Country Manager in Madagascar – Mohamed Cherif, told the project indicates the Bank’s commitment to boosting admission to clean and low-cost energy. This switch, is anticipated to oversee to the arrival of new economic chances, the development of industrialization, boosted career competitiveness and job creation on the Indian Ocean island.

    As the sector’s lead contributor, the Bank is already energetically committed in various transformative energy projects in Madagascar, including PRIRTEM-I and the Sahofika plant, both intricately linked to PRIRTEM-II. The operation is aligned with the Bank’s Country Strategy Paper (CSP) 2017-2021 for Madagascar, that concentrates on the growth of energy and transport infrastructure to fund the country’s comprehensive growth, as well as with the National Energy Policy (NPE).

    The project is also in line with the Bank’s New Deal on Energy for Africa 2016-2025, as well as its High-5 priorities “Light up and Power Africa” and “Improve the quality of life for the people of Africa.”

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    12 Comments

    1. Freeman December 21, 2020 at 12:38 am Reply

      Thanks again African Development Bank for the great Leadership in these transmission network reinforcement and interconnection in the whole Continent. Make God continue to bless Afrika, our great continent, Mother of all Continents. We love you. Freeman in Bulawayo, Zimbabwe

      • New Africa Business News, Staff Correspondent December 21, 2020 at 12:39 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Landry December 21, 2020 at 12:48 am Reply

      Beautiful job African Development Bank and the leadership. Yes, AFRICA is going to be ONE COUNTRY AGAIN. Thank you for reporting. Antsirabe MADAGASCAR. Landry

      • New Africa Business News, Staff Correspondent December 21, 2020 at 12:49 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Yandee December 21, 2020 at 12:55 am Reply

      Africa develop bank is doing good job and our government in Madagascar. Thank you NABN for reporting. Antananarivo Madagascar. Yandee

      • New Africa Business News, Staff Correspondent December 21, 2020 at 12:56 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Stanley December 21, 2020 at 1:02 am Reply

      Thank you for emailing me new Africa news, daily newsletters. Please continue feeding us with our great Continent’s news. Salima Malawi. Stanley

      • New Africa Business News, Staff Correspondent December 21, 2020 at 1:03 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Emmanuel December 21, 2020 at 1:09 am Reply

      I hope, We as a continent harvest most of our energy from renewal energy. We have the energy. Nairobi Kenya. Emmanuel

      • New Africa Business News, Staff Correspondent December 21, 2020 at 1:10 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Janet December 21, 2020 at 1:16 am Reply

      Fan of your online newspaper. Thank you all for the reports. Reading your daily reports gave me hope. Kampala Uganda. Janet

      • New Africa Business News, Staff Correspondent December 21, 2020 at 1:18 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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