Djibouti:

World Bank and Djibouti Sign Agreement to Explore Geothermal Energy (4-traders - Press Release)

(Courtesy CIA.gov)

Financing agreements signed yesterday between the World Bank Group and Djibouti will launch a project to tap into Djibouti's volcanic riches as a source of geothermal power. The International Development Association (IDA), the Bank's arm for the world's poorest countries, will provide a US$6 million highly concessional credit to the Geothermal Power Generation Project, which has the potential to reduce energy costs and boost access to electricity for all its citizens.

The credit and grant agreements were signed by Ilyas Moussa Dawaleh, Djibouti's Minister of Finance and Economy, and Inger Andersen, World Bank Vice President for the Middle East and North Africa region.

"Geothermal energy can play an important role in Djibouti's energy policy which is to reach 100 percent green energy by 2020." said Ilyas Moussa Dawaleh, Djibouti's Minister of Finance and Economy. "All our citizens should have access to a reliable and affordable source of electricity, which is crucial for the development of the economy and the well-being of our citizens."

Read More.....