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EIB to invest 118 mln euros in Ivory Coast electricity project

Published 2016-03-18, 12:03 p/m
© Reuters. EIB to invest 118 mln euros in Ivory Coast electricity project

ABIDJAN, March 18 (Reuters) - The European Investment Bank
(EIB) will invest up to 117.7 million euros into Ivory Coast for
a project called ENERGOS to improve electricity supply to three
large cities, said bank vice president Ambroise Fayolle on
Friday.
It will also open a regional bureau in the country's main
commercial capital Abidjan that will focus on renewable energy
and boosting small and medium sized businesses.
Ivory Coast is the world's top producer of cocoa and one of
its fastest growing economies, having emerged from 10 years of
political turmoil that ended in 2011.
But it lacks investment in its energy sector despite recent
attempts to boost capacity and end power cuts that have held
back business growth.
"These two sectors are essential, one to advance the fight
against climate change, which is a top priority for the EIB. At
the same time, small and medium sized businesses promote
employment," Fayolle said.
The ENERGOS project will boost power distribution in
Abidjan, the second city Bouake and the country's second port,
San Pedro. It will involve construction of a distribution centre
in the capital Yammoussoukro.

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