The World Bank agreed to disburse 73.1 million U.S. dollars towards the construction of Inga III hydroelectric dam along the Congo River, an official source said on Friday.
The construction work will be done by a consortium of companies chosen after bidding. Three consortiums have expressed interest in the project, including China Three Gorges Corporation and Sinohydro (China), Daewoo and Posco (South Korea), SNC-Lavalin (Canada), Actividades de Construction y Servicios (ACS) and Eurofinsa (Espagne).
On Oct. 30, 2013, the Democratic Republic of Congo (DR Congo) and South Africa signed a partnership agreement in which the latter agreed to purchase 2,500 MW produced from the Inga III dam. The remaining 2,500 MW would serve the Congolese network.
"The agreement with South Africa has secured the project and its funding. At the moment, we need to accelerate discussions with all technical and financial partners. This project is too big and there is an opportunity for everyone," DR Congo's Prime Minister Matata Ponyo said in a statement.
Launched 10 years ago, Inga III is expected to produce 4,800 MW at the Inga Falls site in in the southwestern province of Bas Congo.
Currently, DR Congo produces 1,000 MW from Inga I and II, both having a capacity to produce 1,800 MW. The construction of the two dams was completed in 1970.