This brings to three the number of donor agencies that have fulfilled their engagements.

The World Bank’s Board of Executive Directors has approved US $132 million (about FCFA 64.9 billion) in zero-interest financing for Cameroon’s Lom Pangar Hydropower Project in the East Region. According to a release from the bank, the board met on Tuesday March 27 to approve the money to support economic development and significantly improve the supply of electricity to homes and businesses across the country.

According to Obiageli K. Ezekwesili, World Bank Vice President for the Africa Region, Lom Pangar marks an important step in turning the lights on in more homes and businesses in Cameroon, lowering power costs, attracting new investors, and improving all-season reliability of the country’s electricity. “This project is a persuasive example of how hydropower provides clean, large-scale, affordable, and renewable energy and can play a major role in solving Africa’s energy crisis,” she is quoted to have said.

The World Bank decision brings to three the number of donor agencies that have fulfilled their engagements in financing the multi-billion project. On January 18, 2012, the government of Cameroon signed a FCFA 32.89 billion agreement with the African Development Fund and another with the Development Bank of Central African States (BDEAC) amounting to FCFA 20 billion. With internal funding to the tune of FCFA 46.8 billion already mobilised, contributions are still awaited from the French Development Agency and the European Investment Bank to effectively take the life-changing project off the ground.