The Overseas Private Investment Corporation (OPIC), the U.S. government's development finance institution, has announced a $10 million commitment in support of efforts to introduce off-grid solar kits and appliances in Chad.
The loan will help FinLux E Longlife Energies Nouvelles (ELLEN) Sarl distribute solar kits and appliances to individuals, schools, health clinics, and small businesses in Chad, providing them with an affordable source of reliable electricity. According to OPIC, approximately 40 percent of the landlocked North African nation's populace lives in poverty and only 4 percent have regular access to electricity, with the number dropping to 1 percent in rural areas.
"OPIC is proud of its work supporting investment in the places where it is needed most — in this case bringing development finance to an electricity project in Chad," said the agency's acting president and CEO, David Bohigian. "Expanding access to electricity is one of the most effective ways to empower people, improve their quality of life, and foster economic growth."