https://newsletter.en.creamermedia.com

China's EximBank approves $1.3bn for Guinea hydro plant

14th March 2018

By: Reuters

  

Font size: - +

China's EximBank has approved $1.3-billion in financing for a 450 MW hydroelectric plant in Guinea that the West African country's government hopes will allow it to export electricity to neighbouring countries.

State-owned EximBank first agreed to fund construction of the Souapiti dam, about 50 km (31 miles) outside the capital Conakry, in 2007 but the project did not get off the ground as Guinea experienced a period of political instability.

China Water Electric (CWE) began building the dam in December 2015, and the government said at the time it expected construction to take about five years.

"The signing of the loan agreement will take place very soon, which will allow the already advanced construction work to accelerate," Guinea's government said in a statement on Tuesday.

A senior adviser to President Alpha Conde said the loan would be reimbursed through electricity sales to neighbouring countries by a joint venture between the Guinean state and CWE.

Despite substantial hydroelectric potential in Guinea from its 12 major rivers, only about a quarter of the population has access to electricity, according to USAID, due to failing infrastructure and mismanagement of the sector.

Guinea sits on about a third of the world's bauxite and has seen production of the aluminum ore surge in the past few years, but Guineans regularly complain that mineral wealth has not translated into improved living standards.

Edited by Reuters

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (08/11/2024)
8th November 2024 By: Martin Creamer
Magazine round up | 08 November 2024
Magazine round up | 08 November 2024
8th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.072 0.168s - 189pq - 2rq
Subscribe Now