By Simon Tanyi
The Board of Directors of the African Development Bank (AfDB) has approved a loan of Euro 45 million towards the construction of a gas-fired power plant in Cameroon to help meet the country’s fast-growing demand for energy. The plant will be located nine kilometers inland north of the southern coastal city of Kribi and the transmission line will be connected to Cameroon’s southern interconnected power grid, which supplies 90 percent of total demand in the country. The project, which is estimated to cost Euro 255.8 million in total, is a joint venture between the Republic of Cameroon and AES Kribi Holding BV, a subsidiary of AES Corporation. AES Corporation is a US-based power group that operates in 29 countries around the world, and is listed on the New York Stock Exchange. The company already owns and operates power plants in Cameroon and Nigeria.