The European Union (EU) and the European Investment Bank (EIB) have agreed to provide a €330 loan for the construction of the 225kV Guinea-Mali interconnector project in West Africa.
The project between the hydroelectric power plants of the two countries will provide millions of people in the region with access to clean and affordable energy.
Once complete, the project will serve as an alternative to expensive and unreliable generators on the grid and deliver green power to more areas in the region.
EIB is providing a new €170m 25 year loan for the 225kV Linsan-Fomi transmission line, as part of its €300m support for the Guinea-Mali interconnector project (PIEGM).
The financing for the project also includes €30m EU grant support under the External Investment Plan.
The EIB and EU support for the project will complement financing provided by Guinea and Mali, as well as the World Bank, the African Development Bank, the West African Development Bank and ECOWAS Bank for Investment and Development.
The new 340km transmission line traversing Guinea from west to east between the Linsan and Fomi substations will connect the Kaléta and Souapiti hydroelectric power plants to the West African Power Pool.