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ECOWAS financial arm to provide USD 21m for solar projects in Benin

The president of ECOWAS EBID and Benin's minister of finance and economy. Image by EBID.

March 10 (Renewables Now) - The financial arm of the Economic Community of West African States (ECOWAS) is securing USD 21.1 million (EUR 18.6m) for the construction of solar photovoltaic (PV) facilities for rural communities in Benin.

The loan agreement was signed between the president of the ECOWAS Bank for Investment and Development (EBID), George Agyekum Nana Donkor, and Benin's minister of finance and economy, Romuald Wadagni, in Benin's capital Cotonou, it was announced last week.

The project to be backed by the loan involves installing PV systems at 750 community buildings across 11 of the country's provinces, including health centres, security centres and general education colleges. The project's goal is to provide better access to clean energy, power community facilities and boost management, operation and maintenance structures to make off-grid systems more sustainable.

The move is part of ECOWAS' plan to provide universal access to power and make energy supply secure, while also making clean and renewable energy more accessible. The project will help Benin move closer to achieving its target of having a rural electrification rate in the range of 79%-92% by 2035.

(USD 1.0 = EUR 0.879)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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