Some $95.7 billion has been allocated in the 2024 budget for the energy sector, Finance Minister Dr Ashni Singh has announced.
Of that sum, $1.3 billion will go towards energy expansion and diversification.
The monies in the 2024 budget for the energy sector builds on the $59.3 billion allocated in 2023.
In this regard, the sum of $80 billion dollars is budgeted separately to advance the flagship 300 MW gas to energy project.
Meanwhile, work on the mini-hydropower facilities in Kumu and Moco-Moco will move forward with $1.3 billion from this year’s budget.
Additionally, $4.8 billion was provided to finance several solar power projects across the country.
Dr. Singh said the funds will help the government to meet short-term energy needs and invest in doubling its generating capacity for the medium term and advance the transition towards cleaner and more renewable energy.
“Once these projects are all completed, we will be generating and delivering adequate electricity to meet our needs, and we will be able to reduce the cost of electricity to half of what it currently is,” Dr. Singh stated.
Investments were also made for the procurement of mini-grid systems for remote communities to deploy household-level solutions for hinterland communities.
Further, to improve reliability by reducing the voltage drop and network losses, as well as provide access of electricity to over 475 new households, $180 million is budgeted to upgrade the primary distribution networks at Ituni, Kumaka and Kwakwani.
