Hydroelectric project 'needs extra $168 million'
10 octobre 2011
A hydroelectric project in Ghana requires additional funds of about $168 million (£107 million), according to ghanabusinessnews.com.
The Bui Hydroelectric project, which is expected to generate about 400 mega watts of power for the country, has experienced a shortfall in funding arising primarily from the unanticipated effects of global upheaval, as well as unscheduled essential works.
At a projected cost of $622 million, the scheme was funded with a concessional loan of $263.5 million, buyer's credits totalling $295.5 million from the Chinese government and Exim Bank, and a $60 million grant from the Ghana government.
However, a document released to ghanabusinessnews.com sets out the additional funding needed for the project, which is due to be completed by December 2012.
The document explained that there was a budget shortfall for "some line items in the engineering procurement and construction contract", meaning an extra $168 million would be needed to complete the project.
Gabon has recently announced it will build a hydroelectric dam in Mouila, at a cost of $165 million.