Our Focus Is Only On Sensible Projects– World Bank

By Ikenga Chronicles May 14, 2018

Our Focus Is Only On Sensible Projects– World Bank

The World Bank has stated that it will only invest in sensible projects that will help create meaningful impact in developing countries.

The Executive Director, Angola, Nigeria and South Africa sub-group, World Bank, Ms. Bongi Kunene , stated this during the visit of some officials of the bank to the Azura- Edo Independent Power Project in Ihovbor , Uhunmwonde Local Government Area of Edo State.

Describing the Azura -Edo power plant as a transformational project which had the capacity to provide solutions, Kunene said the Bank will only execute projects with such focus.

“The project is transformational. It gives us a scope of what we can do together. We are delighted to see solutions. We will want to commit ourselves to projects that make sense and are in line with our focus,” she said.

While explaining the modality for project financing and execution, Kunene stated, “First of all, approvals happen at the government level. It starts with land and making sure that the area is zoned properly and that the environmental impact assessment has been done and is up to world standards.

“Something like this is not financed by one entity or one country. It is financed by multilateral arrangements as well as international investment banks. So, the government’s role is to make sure that all the standards are up to world standards and timelines are met.”

Speaking during the visit, the Managing Director and Co-founder, Azura Power West Africa Limited, Dr. David Ladipo, hailed the impact of the 450-megawatt project to Nigeria’s power sector.

According to Ladipo, with over 11 percent of the entire power injected into the national grid coming from the plant, the output of the Azura- Edo project was satisfactory.

He stated that the second phase of the project would commence soon.