The Multilateral Investment Guarantee Agency, MIGA of the World Bank has offered financial support to Azura-Edo Independent Power Producer (IPP), worth $900m.
Financial body lends support to Azura-Edo power
World Bank Group to mobilise nearly US$1.7 billion of private-sector financing to support Nigeria’s energy reform programme in general
World Bank leader, Jim Yong Kim
According to a statement from the bank, this is part of a larger programme aimed at mobilising nearly US$1.7 billion of private-sector financing to support Nigeria’s energy reform programme.
“In particular, the World Bank, the International Finance Cooperation (IFC), and MIGA have worked jointly to finance Azura-Edo with a package of guarantees, loans, and political risk insurance,” the statement read.
ADVERTISEMENT
Azura-Edo is the first wholly project-financed IPP in Nigeria, and consists of the construction, operation, and maintenance of a 459-megawatt, gas-fired, open-cycle power plant in the vicinity of Benin City, Edo State, Nigeria.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
FG secures $50m investment for conversion of commercial buses to run on gas
Wike happy contractors on track to deliver projects for Tinubu's 1 year in office
Umahi begins demolition of Landmark Beach for Lagos-Calabar highway project
Anambra residents pour encomium on retiring CP Adeoye
Gov Zulum approves employment of 15 persons with disabilities
4 dead, 70 vehicles burnt in fuel tanker explosion in Rivers
You can't artificially force naira to gain value, Ned Nwoko tells CBN, FG
19 children feared killed by measles complications in Adamawa
Niger Delta youths urge stakeholders to support amnesty program boss Otuaro
ADVERTISEMENT