World Bank commits $1 billion to funding DR Congo’s Grand Inga project The World Bank has said it is committing $1 billion to fund the development of the Grand Inga Hydropower Project in the Democratic Republic of the Congo. The bank Board of Executive Directors approved a $250 million credit as the first funding tranche toward the first development stage of Inga 3, a portion of the Grand Inga hydropower project. The first tranche of money will be used to fund studies, boost economic development, reform the state electricity company and attract private developers for the facility on the Congo River. “The first phase of the Inga 3 Development Program will focus on local development opportunities in Kongo Central, to improve the living conditions and economic prospects of approximately 100 communities (1.2 million people) living close to Inga”, the World Bank said in a statement. . . . #energyinafrica #worldbank #congo #energy #africa