July 12 (Renewables Now) - The African Development Bank (AfDB) said on Tuesday it will finance the construction of a 32-MW solar power plant in the Chadian capital of N'Djamena.
The financing for the facility was discussed during a visit last week by AfDB's vice president for power, energy, climate change and green growth Amadou Hott to the Chadian president Idriss Deby Itno. AfDB said it plans to back other projects in the country such as its electrical interconnection with Cameroon and the rehabilitation of the current National Electricity Company (SNE) plant.
Separately, AfDB announced a USD-2-billion (EUR-1.75bn) deal with the Islamic Development Bank (IsDB) to finance projects in several areas, including renewable energy. The institutions' joint activities will also focus on agriculture and food security, small and medium enterprises (SMEs), and health and education. AfDB and IsDB will each contribute USD 1 billion over the next three years to the initiative.
The agreement with IsDB was signed at the AfDB headquarters in Abidjan, Ivory Coast. As part of it, the banks will make use of each other's staff expertise at country-level.
Jeddah, Saudi Arabia-based IsDB is a major provider of co-financing to AfDB. The two have co-financed over USD 2.5 billion of projects between 2002 and 2016.
(USD 1 = EUR 0.875)