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Monday, 11 July 2011

Rwanda: EIB confirms commitment to Ruzizi III hydropower project

The European Investment Bank, the long-term lending institution of the European Union and world’s largest multinational lending body, confirmed that it will work closely with financial preparation of the Ruzizi hydroelectric project to be launched in Kigali. This marks the start of a second financial stage of preparations in the Ruzizi project. Leading development finance institutions who recognise the scheme’s clear potential contribution to electricity generation in the Great Lakes region will now discuss possible financing of the project, following completion of detailed technical feasibility studies. The European Investment Bank and European Union have played a leading role in bringing together political and financial support for the project and examining the technical, institutional and financial feasibility of building a 147 MW hydropower plant on the Ruzizi River. This landmark scheme has the potential to transform electricity supply to Rwanda, Burundi and the Democratic Republic of Congo, and would represent the first public-private sector energy engagement in the Great Lakes region. The Ruzizi project has the potential to transform energy availability for an estimated 107 million people living in the Great Lakes region. Energy use is currently dominated by use of charcoal for cooking and electrification can contribute significantly to economic development.

Source: EIB