The board of directors of The World Bank and the International Finance Corporation (IFC) have approved an $86m loan and $82m partial risk guarantee to support the Kribi gas power project in Cameroon.

The power project, estimated to cost $350m, is expected to supply reliable electricity to more than 160,000 households.

The Kribi power facility is the first power plant to run on natural gas consisting of two main components.

The first consists of the development, construction and operation of a new 216MW natural gas-fired power plant near the Mpolongwe village.

The second component includes the development and construction of a new 100km, 225kV double-circuit transmission line including substations and transformers.

Delivered on the public-private partnership basis, the project is expected to be operational by late 2012 or early 2013.