World Bank commits US$230 million to hydro in FY 2006

The agencies of the World Bank Group committed to spend US$230 million on hydroelectric projects of all sizes in fiscal year 2006.

The bank said in FY 2006, covering July 2005 through June 2006, it allotted US$680 million to new renewable energy and energy efficiency. Of the US$190 million spent on new renewables, 20 percent — about US$38 million — went to hydroelectric projects of less than 10 MW each.

Additionally, the bank said it committed to spend US$192 million on hydropower projects that are larger than 10 MW.

“Renewable energy and energy efficiency can contribute significantly to achieving the Millennium Development Goals,” said Jamal Saghir, director of energy and water at the World Bank. “In fact, they offer a double dividend, meeting the essential energy needs of countries for sustained growth and poverty reduction, while at the same time preserving or enhancing the environment.”

The World Bank Group units are the International Bank for Reconstruction and Development, International Development Association, International Finance Corp., Multilateral Investment Guarantee Agency, and the Global Environment Facility.

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