120mw EBID-BOAD-IDB-Republic of Benin Joint Venture Thermal Power Station, Commissioned
The Maria – Gleta 2 120MW Thermal Power Station in the Republic of Benin, financed by a consortium comprising the ECOWAS Bank for Investment and Development (EBID), the Islamic Development Bank (IDB) and the Banque Ouest Africaine de Development (BOAD) in collaboration with the Republic of Benin, was commissioned on 29th August 2019.
The project which is in line with EBID’s focus on supporting the development of key sectors of the economy in ECOWAS Member States, cost one hundred and six billion nine hundred and seventy-two million francs (FCFA106.972bn). Specifically, the project is expected to reduce the country’s energy deficit, diversify its sources of power supply, enhance energy infrastructure, reduce the cost of services, create a favourable environment for economic growth and ultimately lead to energy sufficiency by 2021.
In his address during the commissioning ceremony the President of EBID, Mr. Bashir IFO, represented by the Vice-President in charge of Operations, Mr. Abdoulaye FALL, pointed out that the Republic of Benin has benefitted from the full range of the diversified financing opportunities offered by the public and private sector windows in the ECOWAS Bank for Investment and Development (EBID). He further said that as at December 31st 2018, the Bank’s total commitment in Benin amounted to one hundred and five billion francs (FCFA105bn) of which ninety-seven billion francs (FCFA97bn) was invested in the public sector, and eight billion francs (FCFA8bn) in the private sector. EBID’s cooperation with the Republic of Benin indicates that the Bank invested 34% of the resources in the energy sector and 62% in the transport and telecommunications sectors.
Apart from the Maria Gleta 2 120MW Thermal Power Station, EBID has intervened in rural electrification projects such as the electrification of fifty-eight (58) and sixty-seven (67) communities, in the amount of twenty-one billion francs (FCFA21bn). The third in the series of similar interventions is the electrification of one hundred (100) communities through centralized network, in the amount of seventeen billion francs (FCFA17bn). Furthermore, the EBID private sector window will be supporting the SBEE a project relating to the procurement of prepaid meters.
The President of EBID concluded by reiterating that the main objective of the Bank is to contribute to the economic development of West Africa through the financing of public and private sector projects from the following sectors: transport, energy, telecommunications industry, services, poverty reduction, environment among others.
