Tuesday, April 3, 2012

World Bank gives Lom Pangar project $132 million

World Bank gives Lom Pangar project $132 million

WASHINGTON, D.C. 4/2/12 (PennWell) -- The World Bank's Board of
Executive Directors has approved a US$132 million loan for Cameroon's
56-MW Lom Pangar hydropower project.

The zero-interest financing is being made to "support the country's
economic development" and "significantly improve the supply of
electricity to homes and businesses across Cameroon," the World Bank says.

The bank says the immediate benefit will be a 120-MW increase in
hydroelectric generation at two existing hydropower plants, whose
improved reliability will affect up to 5 million Cameroonians. [Michael:
Please add some context as to how this capacity will improve by taking
it from the 11/17/11 story on the site and adding a link]

The Lom Pangar project has also received financial assistance from the
African Development Bank (AfDB), Central African States Development Bank
(BDEAC), European Investment Bank (EIB), International Development
Association (IDA) French Agency for Development (AFD) and Government of

The facilities, on the Sanga River, are expected to help store water
during the rainy season and will increase Cameroon's hydroelectric
generating capacity by about 40%.

"Africa's energy deficit suppresses its growth and deepens poverty, and
this is certainly the case in Cameroon where many communities are
starved for energy," says Obiageli Ezekwesili, World Bank president for
the Africa Region. "Lom Pangar marks an important step in turning the
lights on in more homes and businesses in Cameroon, lowering power
costs, attracting new investors and improving the all-season reliability
of the country's electricity."

Ezekwesili also notes that Cameroon has the third-largest untapped
hydropower potential in sub-Saharan Africa, with as much as 12,000 MW of
hydroelectricity still to be had.

Cameroon announced its intention to improve Lom Pangar in 2009.

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