The African Development Bank (AfDB) said on Monday it will provide USD 266 million (EUR 230.7m) in loans to support Rwanda’s efforts to boost access to electricity and improve the reliability of supply.
The funds will go for the country’s Scaling Up Electricity Access Program (SEAP II), which is also expected to increase on-grid and off-grid access to renewable energy for households and commercial use.
The financing to be provided is divided into a USD-192-million AfDB loan and a USD-74-million credit from the African Development Fund. The sum represents 8.2% of Rwanda’s budget for the Energy Sector Strategy Plan. The funding from ADB is for three fiscal years and it will be disbursed using the Results Based Financing (RBF) model.
Source: Renewables Now