13 million US dollars to improve energy supply in Togo
Posted by africanpress on August 18, 2008
TOGOLESE MINISTER FOR FINANCE AYASSOR (LEFT) AND EBID PRESIDENT ADOVELANDE (RIGHT)
Togo’s search for self-sufficiency in its energy supplies and distribution scored a major break-through when the Ecowas Bank for Investment and Development, EBID, came to the rescue with a loan agreement valued at 13 million US Dollars.
This represents 89 per cent of the total financial resources required by the Togo government to improve its energy distribution network throughout the country.
TOGOLESE MINISTER FOR FINANCE AYASSOR EXCHANGING DOCUMENT WITH EBID PRESIDENT ADOVELANDE AFTER LOAN SIGNATORY
The loan agreement was signed between EBID and the Togo government on Thursday in Lomé.In a short address, Mr. Christian Adovelande , President of EBID said “ there is no need to minimise the importance of energy especially electricity in the economic and social development of a nation as its place in the wheel of activities creating wealth helps to improve the standard of living of the people ”.
“In the energy sector any delays in undertaking appropriate investments in the right direction or any attempt to improvise by making the wrong choices could be costly or lead to insufficiencies in the delivery of good quality service”, he declared.
He said that any lopsided approach to investment in the energy sector could pose obstacles to the pace of development as well as the disruption of social peace.
Mr Adovelande said “far from being a luxury , access to sufficient and high quality energy supplies has become a matter of national security”.
Mr Adovelande praised the Togo government for taking this imperative measure by this loan agreement to engage in the project of rehabilitation and extension of the distribution network of the Togo Electric Company, CEET.
He said the viability of the project played a major role in influencing EBID to be associated with its financing at the cost of 13 million US Dollars, about 89 per cent of the total cost of the projects.
On his part , the Togolese Minister for Economy and Finance ,Adji Otteh Ayassor explained that “ the project of rehabilitation and extension of the network of supply of electric energy in 60 important towns and the rural communities of Togo constitute the second phase of the five-year investment programme of the Togolese Electric Energy Company, CEET”.
Minister Ayassor also explained that the finance of the project will be complemented by the Togolese government with 1,6 million US Dollars.
He said that when completed the project will restore a satisfactory supply of electricity to all existent clients by reducing the low voltage of electric energy by 30 to 15 per cent in all the towns of the northern parts of the country and also assure high quality supply for clients.
“The project will link up the numerous potential clients and existing ones while complementing electric networks in order to increase the access rate of the households to the public electric services” the Togolese Minister for Economy and Finance said.
According to Mr Ayassor this project is aimed at increasing the actual electric energy access rate from 13 to 16 per cent in the next decade as well as improving the quality of life of the urban and rural populations in Togo.
“This project will also assure a qualitative and rational exploitation of the energy supply network by the Togolese Electric Energy Company by reducing the persistent incidents of electric power shortages and cuts”, he added.
According to the Togolese Minister for Energy and Mines, Damipi Noukoukpo “The project when completed will supply electric energy to about 50 communities in Togo”.
Present at the loan signing ceremony were, the Togolese Minister for Cooperation , Development and Rural administration Gilbert Bawara, and the Togolese Minister for Agriculture Ewovor Mensah.
The loan agreement brings the total investment portfolio between the Ecowas Bank for Investment and Development in Togo to 62 million US Dollars.
In the West African sub-region EBID has so far invested a total amount of 561 million US Dollars to finance various projects.
By Ekoue Blame ,lome
————-
Published by African Press International – api
