AfDB opposes IMF, supports Coal-to-Power with $200m
The African Development Bank (AfDB) has announced plans to institute a $200 million Partial Risk Guarantee (PRG) to support coal-to-power investment in the country.
This is part of plans to encourage Nigeria’s attempts to diversify her sources of electricity generation.
The AfDB decision comes directly against that of the World Bank which has overtime allegedly refused to lend financial support to investments in coal-to-power, on the ground that it is a dirty source of energy, and unhealthy to the environment.
This Day reports the Nigerian Bulk Electricity Trading (NBET) Plc, otherwise known as the ‘bulk trader’ describing the AfDB’s move as an African solution to an African challenge.
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