Congo wins $1bn from World Bank

The World Bank said it is committing $1 billion to help the Democratic Republic of Congo prepare for the development of the next stage of what could be the world’s biggest hydropower project.

The bank will initially commit $250 million toward Inga III, a portion of the Grand Inga hydropower complex.

The project forms part of the so-called Mission 300 program, which is backed by the lender, aims to bring electricity to 300 million Africans by 2030 and could attract about $85 billion in private investment, according to Ajay Banga, the institution’s president.

Once complete, the project could generate 11 000 megawatts of power — more than triple Congo’s current capacity — and cost $10 billion.

The first tranche of money will be used to fund studies, boost economic development, reform the state electricity company and attract private developers for the facility on the Congo River.

The electricity may be used to support minerals processing, electrify the capital, Kinshasa, and supply other energy-poor countries in the region.

Inga I, an initial 351-megawatt plant, was commissioned in 1972 and the 1 424 megawatt Inga II facility a decade later. Conflict, a history of corruption scandals and prohibitive costs have stalled further development since then. — Bloomberg