UEMOA seeks new sources of funding for renewable energy projects

The West African Economic and Monetary Union (UEMOA) is seeking for new sources of funding for renewable energy projects, the sub-regional organization said in a statement released Tuesday in Cotonou.
The organization which will seek the money through a fund dubbed "Regional Facility for Sustainable Access (FRAED)," will prioritize the completion of projects with capacity to produce 200 megawatts.
The statement which was released after the meeting of the organization's committee in charge of implementation of renewable energy projects in the region, said FRAED's initial capital will be 50 billion CFA Francs (83 million U.S. dollars), with UEMOA contributing 20 percent of this amount.
The eight UEMOA member states include Benin, Burkina Faso, Cote d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.