The Chief Executive Officer of Uganda’s Electricity Regulatory Authority, Ms. Ziria Tibalwa Waako, announced that the Independent Regulatory Board (IRB) has secured approval for $5.4 million (Shs 20 billion) from the African Development Bank (AfDB).
The funds are designated for the operationalization of the Eastern Africa Power Pool (EAPP), a crucial initiative aimed at providing reliable and affordable electricity across the region.
Ms. Waako highlighted the importance of regional collaboration among regulators to ensure access to renewable and affordable energy resources, driving economic growth.
The announcement came during the 7th annual Board Meeting of the Independent Regulatory Authority (IRB) of the Eastern Africa Power Pool held in Entebbe.
Ms. Waako expressed gratitude for the AfDB’s approval and mentioned that the World Bank has also approved funding for a consultant tasked with preparing market rules and the market trading platform.
The objective is to facilitate the realization of the region’s broader goals, including economic transformation and improved societal welfare.
Ms. Waako, who serves as the chairperson of the IRB of the Eastern Africa Power Pool, highlighted the establishment of relevant organs since the IRB’s inception in 2005, emphasizing progress toward operationalization.
The lead coordinator at IRB, Mr. Ephrem Tesfaye Belayneh, outlined the next steps, focusing on furnishing offices and acquiring necessary equipment that will not only benefit member countries but also contribute to more accessible and affordable power.