The European Investment Bank has approved a loan of 45 million euros (USD58 million) to help state-owned electric utility Electricidade de Mocambique provide reliable power supply in the African nation.
The loan will fund the construction of a high-voltage power transmission line that will connect Maputo to the Cahora Bassa hydropower dam on Zambezi river, Bloomberg reports.
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EIB previously said it will spend as much as 104 million euros to enhance Mozambique’s electric grid, according to Reuters.
