Gabon's energy infrastructure to benefit from electricity plant
4 January 2011
Energy infrastructure in the central African nation of Gabon is set to improve thanks to the development of a new electricity project.
The United Bank for Africa (UBA) will give around $234 million (£150 million) to ensure the completion of the 36MW hydro power generating project.
It will team up with the Company for the Development of Renewable Energy and Gabon's Ministry of Energy for the development, which is expected to take 30 months to finish.
"The 36MW hydro power project and a sister project at Imperatrice Dam ... are expected to stimulate economic activity in the oil-rich Gabon and help poverty alleviation efforts", said Martin Anyanwu, marketing and corporate relations director at UBA.
Rasheed Olaoluwa, chief executive officer of UBA Africa - which claims it wants to be the leading financial services institution in Africa - noted his company is well placed to encourage economic growth in the continent.