Maputo, 16 Jul (AIM) – The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to provide development funding for a transmission line to strengthen Mozambique’s electricity grid.
The Chimuara-Nacala project (between the central province of Zambezia and the northern province of Nampula) is budgeted at 400 million dollars.
The project is designed to improve reliability of the grid, enable the connection of more renewable capacity, and grow industrial development. The 460-kilometer (286 mile) line will connect the central and northern regions of Mozambique.
According to the Bloomberg agency, the amount was approved after the IFC signed an agreement with the British International Investment Plc’s Gridworks Development Partners LLP aimed at “sharing a portion of the project development costs and support project financing.” However, this report does not indicate how much the IFC will provide.
“This high-voltage transmission line is crucial for connecting the central and northern regions of the country and will create economic opportunities by improving access to energy and renewable generation capacity. This is the privately financed transmission project in Mozambique”, said Gridworks’ interim CEO, Chris Flavin.
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