Addis Fortune (Addis Ababa)

30 May 2014

Ethiopia: World Bank Approves $200m Loan for Geothermal Projects

The World Bank's board of directors, based in Washington DC, US, has approved two hundred million dollars of credit for the Ethiopian government to develop its potential geothermal sites at Aluto and Alalobad, in the rift valley of Afar Regional State, on Thursday, May 29, 2014.

The loan will be financed by the International Development Association (IDA) and Scaling-up Renewable Energy Program (SREP) of the World Bank trust fund.

"In addition to providing energy security, the project will support Ethiopia's efforts to build a climate change resilient green economy, by developing renewable energy sources with low carbon emissions," said Guang Zhe Chen, the World Bank country director for Ethiopia.

The finance, which will be employed to support the Geothermal Sector Development Project of the country, is envisioned to help fulfill the increasing demand for electricity by tapping into the substantial geothermal energy potentials, according to the press release of the Bank.

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