Source: newsthemegh.com
The Ghana Energy Recovery Programme for Results (PforR), which aims to promote access to clean cooking solutions and strengthen the financial sustainability of energy distribution, has received approval from the World Bank for a 260 million dollar credit facility. The program will run for four years.
The Ministry of Finance said in a statement dated June 18 that the sum is made up of a $10 million grant from the Energy Sector Management Assistance Programme and a $250 million credit from the International Development Association (IDA).
Robert Taleircio, the country director of the World Bank for Ghana, states: “The World Bank is committed to supporting Ghana’s recovery in the energy sector and financial sustainability through this import result-based financing.” He also notes that the support’s objectives are to strengthen revenue collection and enhance the quality of the country’s energy supply.
The Minister of Finance expressed gratitude on behalf of the government to the World Bank for helping to achieve the Sustainable Development Goals (SDGs), especially goal 7, which is focused on access to cheap renewable energy.
He went on to say that developing a sustainable energy system in Ghana requires the country to continue its efforts to make the distribution of power financially viable and to expand access to clean cooking solutions.
Full Statement Below:
