International Financiers are showing increasing levels of interest in the Ethiopian hydropower projects said Mihiret Debebe, Chief Executive of the Ethiopian Electric Power Corporation.

The projects planned to supply power regionally through the interconnection of the regional power grids have attracted attention from leading financiers on the international market he said.

The increasing need for electric power in the region has been a factor in convincing international financier of the viability of the project according to Mihiret.

The projects have also received the support of the African Development Bank and the World Bank because they promote regional economic integration he added.

It is to be remembered that the  African Development Bank (AfDB)  approved the provision of USD 348 million loans for the financing of the Ethio-Kenya power line project, the second phase of the 1.26 billion project dollar project to boost cross-border power supply in the region. The World Bank has previously approved USD 684 million the first phase of the funding.

Ethiopia is developing its hydro power resources to sell electricity to neighboring countries. Kenya is also highly investing to develop its power supply infrastructure to meet demands of its boosting economy.

Ethiopia will supply power to Kenya from current and forthcoming power stations. AfDB will allocate USD 232 million the fund to Ethiopia and the remaining to Kenya.

Source: Walta