GOE and African Development Bank Sign $20 Million Agreement
In a significant step toward advancing Eritrea's energy development goals, the Government of the State of Eritrea (GOE) and the African Development Bank (AfDB) have signed a $20 million agreement to support the country's energy sector. The funds will be allocated to the construction of a solar energy system in the western part of the country.
During the signing ceremony, Dr. Giorgis Teklemikael, Minister of Finance and National Development, emphasized that African challenges can be effectively addressed by Africans themselves. He expressed appreciation for the African Development Bank's initiative and reaffirmed that the Government of Eritrea is successfully implementing projects initiated in collaboration with the bank. He also highlighted plans to build national capacity by engaging local expertise in energy project execution.
Representing the African Development Bank, Dr. Leandre Bassole, Deputy Director-General for East Africa, acknowledged Eritrea's vast solar energy potential. He reaffirmed the bank’s commitment to collaborating with Eritrea in harnessing this potential to drive economic transformation.
It is worth recalling that on 23 March 2023, the Ministry of Finance and National Development signed a protocol agreement with the African Development Bank to implement the Dekemhare 30 MW Solar Photovoltaic Project, valued at approximately $50 million. The project will be directly linked to the Hirgigo power plant and is expected to be completed by 2026.
The Eritrean Government is also taking steps to establish 30-megawatt energy plants in 12 locations across the country. These projects aim to add 360 megawatts to the national energy capacity, addressing Eritrea’s energy challenges and fostering economic growth.
This collaboration underscores Eritrea's commitment to sustainable energy solutions and its vision for a brighter, energy-secure future.
