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Tuesday, 28 February 2017

EIB finances modernisation of São Tomé’s energy sector

The Minister of Finance, Trade and Blue Economy, Américo Ramos, of the Democratic Republic of São Tomé and Príncipe, has officially announced the Power Sector Recovery Project, which aims to reform the energy sector in the country. The project includes the rehabilitation and expansion of the Contador Hydroelectric project and strengthening of the national utility Empresa de Agua e Electricidade de São Tomé e Príncipe (EMAE). The Minister indicated that “this occasion marks the partnership of the World Bank and the European Investment Bank with the Government of São Tomé and Príncipe, to assist in the recovery of the energy sector, to increase the generation of electricity with renewable resources, and to improve the reliability of the electricity supply, with a shared vision of sustainable energy supply for all, respectful of the environment.” The World Bank is contributing USD $16 million grant from IDA, and the European Investment Bank USD $13 million in concessional financing, for a total financing package of USD $29 million, covering a 5 year extensive program on the sector. This project will support the rehabilitation of the Contador Hydroelectric plant, along with the respective transmission network and distribution facilities, as the first step towards using more hydroelectric energy, and improving the quality of life of about 90,000 beneficiaries. The project will also implement reforms in the energy sector, particularly within the Empresa de Agua e Electricidade, EMAE, and its regulator, AGER.

Source: European Investment Bank