World Bank approves financing for Cameroon hydropower package

The World Bank Group has approved a $794.5 million investment package for the Nachtigal Hydropower project in Cameroon, to help the country reach its goal of providing access to electricity for 88% of its people by 2022. Once completed, the project is expected to increase the country's electricity generating capacity by 30%.

The package includes guarantees amounting to $300 million from the International Bank for Reconstruction and Development, guarantees worth $262.5 million from the Multilateral Investment Guarantee Agency, and equity totaling $70 million, loans worth $152 million, and currency risk management swaps from the International Finance Corporation.