BOI Reaffirms Dedication to Solar Electrification


On Wednesday, the Bank of Industry’s (BoI) acting managing director, Waheed Olagunju, signed a Memorandum of Understanding (MoU) for a cost-sharing agreement with the United Nations Development Programme (UNDP), to replicate it’s solar electrification scheme in other states in the West African country.
According to UNDP country representative, Mandisa Mashologu, the partnership will scale up solar power developments and provide more communities with access to cheap power, local media Vanguard reported.
According to the media, under the pact, Bol has committed to provide $1.4 million for the scheme, while the UNDP will provide the balance of $600,000.

Olagunju commented: he blend of BoI’s contribution in the sum of $1.4 million as debt financing for the projects, with UNDP’s grant contribution of $600,000 will provide the much needed stimulus to scale up the projects in view of the attendant reduction in the cost of deployment and solar electrification projects enhancement of its overall viability.


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