IFC to Invest US$ 400M in Scaling Mini-Grid Project in the DRC

Home » News » IFC to Invest US$ 400M in Scaling Mini-Grid Project in the DRC

International Finance Corporation, a member of the World Bank Group and an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in less developed countries has committed to invest US$ 400M in Scaling Mini-Grid Project in DRC, through an agreement signed recently with the Congolese government.

The agreement was signed by Mr. Sergio Pimenta and Hafez Ghanem, representatives of the World Bank Group at the end of their two-day tour to the Central African country, and Nicolas Kazadi and Olivier Mwenze Mukaleng, the Congolese Ministers of Finance, and Water Resources and Electricity respectively.

Overview of the Scaling Mini-Grid Project in the DRC

Planned to cover a total of 21 provincial capitals with more than 200 megawatts of capacity, the mini-photovoltaic power plant project aims to bring the population’s electricity supply rate to 30% by 2024, from the current 19%.

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The pilot phase is expected to be delivered in 2022 in the cities of Mbuji Mayi and Kananga, in central Kasai.

According to the government of the Central African country, the Scaling Mini-Grid Project in the DRC, which is arguably the largest major project of its kind in the whole of Africa, “will bring affordable and clean electricity to more than 1.5 million beneficiaries, including homes, businesses, schools, and hospitals,” when fully completed.

Inclusion of private energy sector players

Reportedly, the organization of the World Bank Group and the Congolese authorities are considering the operation of these micro-plants through public-private partnerships.

“Carried out by the private sector, the mini-grids will be at the heart of the government strategy to promote access to electricity in areas not served by the national company,” said the Congolese Minister of Finance after the signing of the agreement.