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The Export-Import Bank of China has approved $1.
3 billion in financing for a 450-megawatt hydropower plant in Guinea, which the West African government hopes will allow it to export electricity
to neighboring countries.
Back in 2007, the Export-Import Bank of China financed the construction of the Souapiti dam near the capital of Conakry, but the project was not completed
due to a period of political instability in Guinea.
Sinohydro began construction of the dam in December 2015, when the government said it expected construction to take five years
.
The Guinean government said in a statement: "The signing of the loan agreement will take place soon, which will accelerate the construction process of the project
.
" ”
A senior adviser to the country said the loan would be reimbursed
through the sale of electricity to neighboring countries through a joint venture between Guinea State and China Hydro.
According to USAID, despite significant hydroelectric potential in Guinea's 12 major rivers, only about a quarter of the population has access to electricity
due to infrastructure failures and mismanagement of corresponding sectors.
Guinea is known to have about a third of the world's bauxite and has seen an increase in aluminium ore production over the past few years, but Guineans often complain that mineral resources have not been converted into incentives to
improve living standards.
(This article first published cable network: /, please indicate the source for reprinting)
The Export-Import Bank of China has approved $1.
3 billion in financing for a 450-megawatt hydropower plant in Guinea, which the West African government hopes will allow it to export electricity
to neighboring countries.
Back in 2007, the Export-Import Bank of China financed the construction of the Souapiti dam near the capital of Conakry, but the project was not completed
due to a period of political instability in Guinea.
Sinohydro began construction of the dam in December 2015, when the government said it expected construction to take five years
.
The Guinean government said in a statement: "The signing of the loan agreement will take place soon, which will accelerate the construction process of the project
.
" ”
A senior adviser to the country said the loan would be reimbursed
through the sale of electricity to neighboring countries through a joint venture between Guinea State and China Hydro.
According to USAID, despite significant hydroelectric potential in Guinea's 12 major rivers, only about a quarter of the population has access to electricity
due to infrastructure failures and mismanagement of corresponding sectors.
Guinea is known to have about a third of the world's bauxite and has seen an increase in aluminium ore production over the past few years, but Guineans often complain that mineral resources have not been converted into incentives to
improve living standards.
(This article first published cable network: /, please indicate the source for reprinting)
/
