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Uganda: Bujagali Hydro Earns African Power Deal of the Year Award

Project Finance Magazine has awarded its 2007 African Power Deal of the Year to the Bujagali Hydropower Project in Uganda.

This recognition from one of the world's leading project finance publications represents an important validation of joint efforts by IFC, the World Bank, and the Multilateral Investment Guarantee Agency to close the energy supply gap that seriously constrains the country’s development agenda.

Economic and technical analyses have identified Bujagali Hydro as the lowest-cost option for substantially increasing electricity supply in Uganda. The project is expected to:

    • Reduce the average cost of electricity supply by up to 7 percent for end users
    • Improve Uganda's investment climate
    • Attract private sector investors
    • Foster economic activity
    • Generate employment
    • Help alleviate poverty
The World Bank Group financing package comprises a $130 million IFC loan, a partial risk guarantee of up to $115 million from the International Development Association, and an investment guarantee of up to $115 million from the Multilateral Investment Guarantee Agency.

Commenting on the award, Rashad Kaldany, IFC Director for Infrastructure, said, "The award acknowledges the significance of Bujagali for power project financing in Africa. To mitigate risk, such large projects can only be realized with the involvement of development agencies and commercial lenders."

Additional information: Learn more about the project…
News date: 15/03/2008

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Comments and remarks to Wim Jonker Klunne

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