The World Bank and the European Investment Bank (EIB) will provide US$29 million to finance modernisation work for the Sao Tome and Principe electricity sector, under an agreement signed on Monday in Sao Tome.
The document was signed by Clara Sousa, representing the World Bank and the Sao Tome Minister of Finance and Public Administration, Américo Ramos, on behalf of the Sao Tome and Principe government.
Sousa said at the end of the ceremony that the World Bank was providing US$16 million and the remaining US$13 million will be paid out by the European Investment Bank.
The World Bank representative also said that the “disbursement of funds will be done in stages,” based on the costs incurred as part of a renewable energy project.
The government of Sao Tome and Principe, through the Municipal Water and Electricity Company (EMAE), has been making some investments in the country’s electricity grid. In May it acquired three generator groups to equip the new Thermal Power Station of Santo Amaro called Santo Amaro II. (macauhub/ST)