On Wednesday, Southern Africa received US$20 million cash injection from the World Bank to aid investments for the preparation of large scale generation energy projects, StarAfrica reported.
Members within the Southern African Power Pool (SAPP) who are developing energy projects are the beneficiaries of the grant. The funding is to promote investment to facilitate rehabilitation of large power generating projects which supply electricity to Southern African consumers.
Southern Africa is known for having unreliable power supply due to poor infrastructures and lack of funding which has been a deterrent for potential investors resulting in low levels of job creation and export agreements, Colin Bruce, the World Bank’s Regional Integration Director for Africa said.
‘Today’s support will help strengthen the capacity of Southern African countries to prepare and mobilize funding for priority regional projects’, he said.
‘Most existing project preparation facilities are relatively small in size and highly fragmented’.
This statement was made by Mustafa Hussain, the World Bank’s task team leader for the initiative, StarAfrica reported.
The initiative would provide a strong foundation to push and utilise local knowledge and the funds would support large scale ‘transformational energy projects’, Hussain added, StarAfrica reported.