IADB finances project to boost electricity coverage in rural Suriname
The Inter-American Development Bank has approved a $30 million investment loan to Suriname for a project to improve access to sustainable electricity.
The project is also designed to enhance the living conditions for rural populations while improving the rural business environment with better provision of electricity as a public service.
Suriname will use the funds to install solar plants with battery energy storage in the towns of Brownsweg and Alliance and solar mini grids in the area of the Upper Suriname river to bring electricity 24/7 to villages located in that region.
At the same time, the country will finance studies and pre-investments projects of Renewables Energies and Natural Gas to reduce its dependency on fossil fuels.
In addition, Suriname will invest in projects to upgrade and expand transmission and distribution infrastructure of the national grid managed by Energie Bedrijven Suriname (EBS) with emphasis on networks that supply rural areas.
The program will support the implementation of the energy reform by strengthening the EBS and the Energy Authority of Suriname, the regulatory agency created in 2016, and by financing the elaboration of the Electricity Sector Plan 2024-2028.
The $30 million credit line has a 25 years amortization period and a Libor-based interest rate.
