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Publish Date : 30-Mar-2016

A member of the World Bank Group, The International Finance Corporation (IFC), has inked a deal with the Government of Madagascar to design and tender a partnership for privately developed, grid-connected solar power. This agreement comes under the IFCs Scaling Solar initiative, which even includes Zambia and Senegal.

According to the IFC's statement, a 30 to 40 megawatt solar facility would help Madagascar, as it has struggled with cost and availability of electricity.

Oumar Seydi, IFC Regional Director for East and Southern Africa, said, A reliable supply of electricity will support growth in Madagascar's economy, and improve lives for individuals, families, and businesses. Scaling Solar is an innovative World Bank Group initiative that reflects a commitment to supporting developing while protecting the environment.

The Scaling Solar initiative covers the World Bank's partial risk guarantees; MIGA's political risk guarantees; and IFC's expertise in developing and financing power plants, with the help of which the governments mobilise privately funded grid-connected solar plants.

The Governments of the Netherlands and Denmark, USAID's Power Africa initiative, and Devco, a multi-donor facility affiliated with the Private Infrastructure Development Group is backing Scaling Solar.

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