Islamic Development Bank to Support Rural Electrification Projects in Togo with $20M

Energy
Monday, 27 September 2021 16:43
Islamic Development Bank to Support Rural Electrification Projects in Togo with $20M

(Togo First) - The Islamic Development Bank (ISDB) will spend $20.5 million (CFA11.3 billion) to advance rural electricity projects in Togo. The news was announced by the Bank on Sept. 26, after its board met. 

The projects - which involve mini solar panels - aim to “improve human development by providing a sustainable supply of electricity to rural people in Togo who live in dense and sparsely populated areas, far from the existing grid.” In detail, 372 schools, 22,092 households, and 102 health centers will benefit from the financing, said the ISDB.

The Jeddah-based institution is one of Togo’s historical partners when it comes to electrification. It previously loaned the West African country $49 million for projects in the northern region (to expand the CEB’s high voltage network from Dapaong to Mango).

At the end of 2020, Togo’s external debt to the ISDB was CFA61.45 billion, up 15% from 2019 (CFA53.36 billion). This makes the lender the country’s third multilateral creditor, after the IMF and the World Bank.

During yesterday’s board meeting, besides Togo, the ISDB also extended its support to Iraq ($17 million) and Bangladesh ($36.4 million).

Ayi Renaud Dossavi

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