World Bank Board okays $85m to save Senegal?s energy crisis

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Page last updated at Monday, July 30, 2012 9:09 AM //

The World Bank?s Board of Executive Directors on June 26, 2012 approved $85 million to help the Government of Senegal and the Senegal National Power Utility (SENELEC) to reduce its technical and commercial losses and to improve the reliability of electricity services.

In a statement, the Bank said the financing will be used over a five-year period to upgrade and modernize electricity transmission and distribution components; create more transparency and accountability within the energy sector; develop a medium and long-term strategy for the energy sector; and upgrade SENELEC billing systems to reduce high collection costs and losses related to fraud.

The project cost is $93.5 million and aside the the World Bank?s $85 million credit, $ 8.5 million will come from the Government of Senegal.

Senegal is said to be facing an energy crisis and the World Bank says ?this funding will help the national utility, SENELEC to provide reliable electricity supply for economic growth and improve human well-being.?

By Ekow Quandzie

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Source: http://www.ghanabusinessnews.com/world-bank-board-okays-85m-to-save-senegals-energy-crisis/

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