The African Development Bank (AfDB) Group has approved a €57.5m loan for the Coder Hydropower Project in Gabon.

The proceeds be used for the design, construction and operation two run-of-the-river hydroelectric power plants – a 70MW plant in the Ngounie Province and a 52MW plant in north Gabon.

AfDB head of infrastructure finance and PPP Neside Tas Anvaripour said that the project is expected to delivery energy at a competitive rate and help the country diversify from fossil fuels.

"The additional capacity will also expand electricity access to rural areas," added Anvaripour.

The project is expected to be completed in two years time.