Afreximbank to Finance €56M Cameroonian Solar Initiative
Pan-African financial institution the African Export-Import Bank (Afreximbank) has committed €56 million towards a rural electrification initiative in Cameroon.
The funding will enable the construction of up to 87 off-grid solar photovoltaic systems across 200 localities in the country, electrifying 1,000 localities with clean power.
The financing package was signed by Georges Elombi, Executive Vice President of Afreximbank and Alamine Ousmane Mey, Cameroon’s Minister of Economy, Planning and Regional Development.
The package aims to address the disparities between urban and rural electrification, which currently stands at 65% and 25%, respectively.
The financing forms part of a broader electrification initiative launched by Chinese technology company Huawei in 2016, which to date has provided access to electricity to over 26,000 households across 350 villages in the country.
Representing the third phase of the project, the Afreximbank-financed initiative will bring not only improve access to power but help diversify the country’s energy mix.