23.4 C
Tuesday, August 9, 2022

ECOWAS: African Development Fund approves $2 million technical grant to boost electricity reforms | African Development Bank

Must read

The Board of Administrators of the African Growth Fund on 24 June accredited a technical help grant of $2 million to fund analysis that may contribute to electrical energy reforms within the Financial Group of West African States (ECOWAS).

The grant from the African Growth Fund — the concessional window of the African Growth Financial institution Group — will go to the ECOWAS Regional Electrical energy Regulatory Authority. The final word goal is to stimulate cross-border electrical energy commerce and enhance power entry within the 15 international locations within the area.

The challenge has 5 elements. The primary includes choosing electrical energy regulatory ideas and key efficiency indicators from the African Growth Financial institution’s flagship Electrical energy Regulatory Index for Africa report, to be adopted by the ECOWAS Regional Electrical energy Regulatory Authority. As a part of this part, the challenge will construct capability in member international locations for amassing and reporting on these indicators on a typical platform.

The second part will contain conducting a examine with the intention to replace a comparative evaluation of electrical energy tariffs and their underlying drivers throughout the electrical energy worth chain of ECOWAS.

The third includes creating a centralized database administration system that may present a platform for digitally amassing related power data from member international locations, storing, and disseminating them on a typical digital platform.

The fourth part will assess and establish challenge bottlenecks and dangers in ECOWAS member international locations and suggest a coherent strategy to progressively tackle ground-level limitations to funding within the energy sector in pre- and post-establishment phases of the regional electrical energy market.

The ultimate part focuses on program administration and capability constructing, which can be co-financed with the Regional Electrical energy Regulatory Authority. All elements of the challenge will embrace gender-disaggregated knowledge.

“Finally, this challenge will facilitate regional electrical energy commerce and assist enhance entry to electrical energy,” stated Solomon Sarpong, challenge crew chief on the African Growth Financial institution. “It should tackle main causes of fragility, akin to infrastructure bottlenecks, youth unemployment, environmental challenges, gender inequalities, and regional growth imbalances.”

Established on 28 Could 1975 through the Treaty of Lagos, ECOWAS is a regional group that promotes financial integration within the constituting international locations. ECOWAS consists of 15 international locations, together with Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Protecting about 6.1 million km2, ECOWAS has an estimated inhabitants of 360 million folks.

- Advertisement -spot_img

More articles


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -spot_img

Latest article