The African Development Bank (AfDB) has approved a EUR 900-million (USD 994.2m) loan to Algeria that will benefit renewable energy projects among others.
The loan will finance projects under the country’s Industrial and Energy Competitiveness Support Programme (PACIE).
"PACIE addresses Algeria’s need to enhance the resilience and competitiveness of its economy and, hence, lay a solid foundation for sustainable growth, " AfDB said in a statement last week.
The programme aims at improving the investment climate in Algeria through improving the framework for private economic initiative and activities, foreign as well as local, and promoting efficiency of the energy sector and renewable energy project development.
Algeria targets to close 2016 with an installed of 343 MW of renewable power plants across 14 wilayas (provinces), Energy Minister, Nourredine Bouterfa said at an event in late October.
According to latest available data, the country has 16 renewable power plants with a combined capacity of 195 MW in operation and another 6 power plants should join them in the coming weeks.
Its national renewable energy programme calls for the installation of 4,500 MW of renewable power plants by 2020.
(EUR 1 = USD 1.105)
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