Africa’s New Deal on Energy press conference – World Economic Forum
Rwanda will receive a loan of $24 million to invest in the Multinational Ruzizi III Hydropower Project. The African Development Bank Group approved the loan to grow the region’s access to electricity and to limit the area’s reliance on fossil fuels.
The Ruzizi III project aims to improve renewable infrastructure for Rwanda, Burundi and the Democratic Republic of Congo, where most energy is still produced by the burning of firewood, by providing as much as 147MW. Rwanda already generates 53% of its electricity from hydropower and is hoping to expand its supply of renewable energy. Altogether, the plant is expected to cost over $625 million. By contributing to the project, the African Development Bank Group has raised its energy portfolio to $180 million. Read more here.
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