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Benin Disco gets US agency funding

By on June 17, 2014

The United States Trade and Development Agency has extended finances to the Benin Electricity Distribution Plc, making the power firm the first distribution company to benefit from a grant funding.

The Minister of Power, Prof. Chinedu Nebo, had earlier lamented that global lenders were beginning to evade investment in the nation’s power sector due to fears that the electricity tariff order in operation in the country could not guarantee good returns on investments for the new owners.

But the BEDC said it had broken that jinx by securing grants funding from the USTDA.

The company, in a statement, said the funding details were contained in an agreement it signed with the agency recently.

It maintained that its core investor consortium, Vigeo Power Limited, with the assistance of Citi Asset Management Limited, had initiated the process in order to ensure that strategic investments initiatives to be taken by the BEDC would be based on adequate research and planning.

The Minister of Power, his counterpart in the Ministry of Industry, Trade and Investment, Mr. Olusegun Aganga, as well as the Ambassador to the United States, Deputy Ambassador to the US, Director of the USTDA and the USTDA Country Manager West Africa witnessed the event, the statement added.

 

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