OPEC Fund finances phase 2 of Madagascar energy access project
The OPEC Fund for International Development has signed a $15 million public sector loan agreement with Madagascar to co-finance the second phase of a project that will improve energy access in rural areas.
The finance will be used for Madagascar’s ‘Integrated Growth Poles Energy Access Enhancement Project (Phase 2)’, which will install solar nano-networks, power lines and street lighting in isolated communities in the Diana and Atsimo-Andrefana regions. In addition, the project will improve 43km of roads and tourist sites on the small island of Sainte-Marie.
The project is co-financed with the government of Madagascar, the World Bank and the private sector. The first phase, for which the OPEC Fund also provided a $15 million loan, was completed in 2020. It provided over 3,000 rural households with electricity connections and contributed to an increased electrification rate of 67% in urban areas.
