The West African Power Pool (WAPP) has created a Liquidity Enhancement Revolving Fund [LERF], for the ECOWAS regional electricity market.
The West African Power Pool is a cooperation of the national electricity companies in Western Africa under the auspices of the Economic Community of West African States.
The members of WAPP are working for establishing a reliable power grid for the region and a common market for electricity. It was founded in 2010.
The chairman, executive board of WAPP, Mr. Sule Ahmed Abdulaziz, dropped the hint the 54th meeting of the executive board meeting held in Cotonou, Benin Republic.
Abdulaziz said, “The review and adoption of the documents proposed by the Task Force on the creation of the Liquidity Enhancement Revolving Fund (LERF). 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.”
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.
The WAPP boss also lauded the well documented 2021 financial statement of the organisation. Saying, “when I look at the financial statement, I get the feeling that the WAPP is working hard and is quite transparent as shown by the independent audit, this attests that the financial statements are regular, sincere, and in accordance with international standards,” stated Abdulaziz.
In his remarks, the secretary general of WAPP executive board, Siengui Ki Apollinaire, emphasised that the latest financial statements were declared transparent.
He said, “The 2021 budget was executed transparently and rigorously, and it is with pleasure that I announce that the 2021 consolidated financial statements of our organization have been declared regular, sincere, and compliant with international standards b WAPP.