- Search Results
 
 
Liberia Among Six Countries To Get WB US$5b For Power
Date Uploaded: Aug 07, 2014

World Bank President, Dr. Jim Yong Kim

 

 

 

Liberia Among Six Countries To Get WB US$5b For Power


MONROVIA, August 7 (LINA) - Liberia is among six African countries expected to benefit from US$5 billion new technical and financial support for energy projects under the auspices of the World Bank Group.

The other countries are Ethiopia, Ghana, Kenya, Nigeria and Tanzania, which have partnered with U.S. President Barack Obama’s Power Africa Initiative, according to a World Bank media release.

Making the announcement on the second day of the 1st US-Africa Summit, World Bank President, Dr. Jim Yong Kim, said the new financial commitment was urgently needed to generate more electricity for the people of Africa, 600 million of whom have no access to electricity.

He said this was despite the fact that Africa possesses some of the world’s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves.

“We think that the U.S. Power Africa Initiative will play an extremely important role in achieving the goal of providing electricity for Africa.  So today, I'm very pleased to announce that the World Bank Group, following President Obama's lead, will partner with Power Africa by committing $5 billion in direct financing, investment guarantees, and advisory services for project preparation in Power Africa's six initial partner countries, Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania,” Kim said.

The U.S. government and the World Bank Group are working now on specific tasks and milestones which could help to achieve one quarter of Power Africa's goal of generating 10,000 megawatts of new power in Sub Saharan Africa,” Kim said.

According to the release, Africa’s power crisis forces families and communities to spend significant amounts of their income on costly and unhealthy forms of energy, such as diesel generators or wood for indoor cooking fires. Africa has vast hydropower potential but uses just 8 percent of this untapped water force.

The release said, in comparison, Western Europe uses 85 percent of its available hydropower potential, which has contributed to their economic development and industrialization.

“Like Europe and the rest of the world, Africa deserves the same opportunity to exploit this green source of power to improve the lives and economic prospects of its people,” said the World Bank’s Vice President for Africa, Makhtar Diop.

“Beyond building up power generators, they must be connected to the market, which calls for regional cooperation to build the transmission network. We are working with African leaders and their development partners to create power pools in Africa’s East, West, Central, and Southern sub-regions.

Those countries with abundant geothermal, gas, hydro, solar, and wind resources can feed their excess power supply into a common pool, while neighboring states with less energy and generation capacity can benefit from this integrated approach to delivering electricity to their people. “
LINA TSS/PTK

latest headlines
Judge Kaba Reserves Ruling In E.J. Roye Building Case
Judge Yussuf D. Kaba of the Civil Law Court has reserved ruling in a motion for Declaratory Judgment filed by some individuals calling themselves ...more
CENTAL Raises Eyebrow About Political Parties Spending
The Center for Transparency and Accountability in Liberia (CENTAL) has expressed concern over the expenditure of political parties on fleets of n ...more
LTA, Partners End Int’l Internet Workshop
The Liberia Telecommunications Authority (LTA) and partners have ended a two-day international workshop on ICANN (the Internet Cooperation for As ...more
Liberia To Host GIABA Plenary, Ministerial Meetings
Liberia will host the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) 27th Technical Commission/Plenary and 17th M ...more
GOL, Sweden Sign US$21.6m Accord On Feeder Roads In 7 Counties
The Governments of Liberia and Sweden have signed a US$21.6 million agreement to support the third phase of the Liberia-Swedish Feeder Roads Proj ...more
Defense Ministry Relaxes Camp Ramrod Eviction
The Ministry of Defense has with immediate effect put on hold its notice of eviction to inhabitants of the 72nd Camp Ramrod Barracks in Paynesvil ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency