World Bank and European Investment Banks will finance energy sector in São Tome and Principe

World Bank and European Investment Banks will finance energy sector in São Tome and Principe

23/08/2016 source “MacauHub”

The World Bank and the European Investment Bank will disburse 29 million Dollars to finance the modernization works of the electricity sector of São Tome and Principe, under an agreement signed yesterday in São Tomé.

The document was signed by Clara Sousa, representing the World Bank and by the Minister of Finance and Public Administration of São Tomé, Américo Ramos, on behalf of the government of São Tome and Principe.

The World Bank representative said, at the end of the ceremony, that the World Bank will invest 16 million Dollars and the remaining 13 million will be disbursed by the European Investment Bank and that the “disbursement of funds will be done in stages, depending on the expenditure made in the context of renewable energy projects”.

The government of São Tome and Principe, through the Municipal Company of Water and Electricity (EMAE), has carried out in recent times some investments in the electricity network in the country, having acquired last May three groups of generators to equip the new Power Plant Santo Amaro, called Santa Amaro II.