World Bank arm backs $400m Mozambique transmission plan

The International Finance Corp, a member of the World Bank Group, agreed to provide development funding for a transmission line to strengthen Mozambique’s grid.

British International Investment Plc’s Gridworks Development Partners LLP and state-owned Electricidade de Moçambique are developing the $400 million Chimuara-Nacala line, the first privately financed transmission project in the southern African nation.

The IFC signed an agreement with Gridworks to “share a portion of the project development costs” and support project financing, the companies said in a statement Tuesday. They didn’t indicate how much the IFC will provide.

The Chimuara-Nacala project is designed to improve reliability of the grid, enable the connection of more renewable capacity, and grow industrial development. The 460-kilometer (286 mile) line will connect the central and northern regions of Mozambique.

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