The board of the West African Power Pool (WAPP) has revealed plans to create a Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS regional electricity market in a bid to improve the power supply in the region.
This was made known by the Chairman, Executive Board of WAPP, Sule Ahmed Abdulaziz, during the 54th meeting of the Executive Board Meeting in Cotonou, the Benin Republic.
While lauding the well-documented WAPP financial statement 2021, Abdulaziz explained that the fund would reduce the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness.
According to him, “The creation of this fund will provide the ECOWAS Regional Electricity Market with a very important tool for electricity trading by reducing the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness and sustainability,” he said.
Speaking further at the meeting which is the second this year, he urged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.
Earlier, the Secretary General of the WAPP Executive Board, Siengui Ki Apollinaire, emphasised that the latest financial statements were transparent.
“The 2021 Budget was executed transparently and rigorously, and it is with pleasure that I announce that the 2021 consolidated financial statements of our organisation have been declared regular, sincere, and compliant with international standards by a well-known independent auditor” he explained.
In a statement, Ki expressed gratitude to the president of the Republic of Benin, Patrice Talon for the hospitality extended to the organisation.