The African Development Bank (AfDB) Group has approved a $71.1m loan to finance the Lom-Pangar Hydroelectric project in Cameroon.
The project, estimated to cost $419.2m, will also be funded by financiers such as World Bank, the European Investment Bank, the Development Bank of Central African States and the French Development Agency.
The project will help in providing rural electrification in the East Region of Cameroon to the national grid.
It will harness the hydroelectric power potential of the Sanaga River by over 5,000MW, consequently providing rural electrification to 50 localities.
Furthermore, the project aims to reduce the nation’s technical and structural difficulties and enhance the country’s energy infrastructure.