Mali's Cabinet Approves $77 Million Development Bank Loan for Solar Power Plant Project

 Mali's Council of Ministers has approved a loan agreement with the West African Development Bank (BOAD) for 44.4 billion CFA francs ($77.4 million) to finance the construction of a solar power plant in the Koulikoro region, according to a communiqué released by the Malian leader's office following the meeting.

"The Council of Ministers adopted a draft text concerning the ratification of the loan agreement signed in Ouagadougou on July 3 between the Government of the Republic of Mali and BOAD, for the partial financing of the project to build a solar power plant ... in Tiétigui, Koulikoro region," the statement read.

As noted in the document, the implementation of the 50 MW solar power plant project will help expand local population's access to electricity.

Additionally, Mali's Cabinet approved a loan agreement with BOAD for 48 billion CFA francs ($83.7 million) to finance a project aimed at strengthening school infrastructure.

"Under this agreement, the West African Development Bank will grant the Government of the Republic of Mali a loan of 48 billion CFA francs for a project that will contribute to improving access to education and enhancing the quality of vocational training," the release stated.

The project includes the construction and equipping of secondary schools, as well as the strengthening of distance learning at the higher education level.

In December of last year, the presidents of Burkina Faso, Mali, and Niger inaugurated the Alliance of Sahel States (AES) Investment and Development Bank (BCID). The BCID will serve as the financial arm for the integration of the Sahel countries and support projects aimed at strengthening the sovereignty of the three states, both economically and infrastructurally.