India finances electrification on Grand-Comoros
5 May 2011
The vice-president in charge of the ministry of Energy, Idi Nadhoim, announced last Monday that India was going to grant a loan of 41.6 million dollars to finance an electrification project for the island of Grand-Comoros.
"This loan, which is being granted to us by Exim Bank of India, and the agreement for which will be signed very shortly, bears a highly favorable interest rate of 1.75 percent", he said, in a quote by the newspaper Réussir Business.
The aim of the project is to construct several electricity power stations run on heavy fuel oil, which will have a total output of 18 megawatts. It will also involve renovating the electricity grid of the island and training technical personnel.
Also, Mr. Nadhoim announced last month in an interview with the daily paper Albalad that seismic surveys to prospect for gas and oil in the Comoros should start very shortly.
These will be carried out by GXT Technology Corporation, which believes that recent discoveries of sediments in submarine rocks indicate the possible existence of gas or oil reserves.