S Korea loans 35 mln USD for solar energy plants in Mozambique

16:58, October 20, 2010      

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South Korea has loaned Mozambique 35 million U.S. dollars in support for building solar energy plants in the Southern African country, Radio Mozambique reported on Wednesday.

South Korea announced the loan on Tuesday within the framework of its program to support ecological projects in Africa, the radio said.

Citing the South Korean Finance Ministry, the radio said the loan from the Economic Development Cooperation Fund would be without interest for 40 years and a grace period of 15 years.

The support is destined for three solar energy plants with a capacity to generate 400 to 500 kilowatts to be built in Mozambique's northern Niassa province, which suffers serious shortage of power supply.

"This project should contribute to a balanced development of Mozambique, reducing the difference between urban and rural areas, " Radio Mozambique quoted an official press release as saying.

Official figures show that only 2 percent in rural areas and 22 percent in urban areas benefit from electricity in Mozambique.



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