Paramaribo, Suriname, 4 June  2024 – The energy sector in Suriname is getting a boost from international financiers, mainly the Islamic Development Bank (IsDB) Group, the Saudi Fund for Development (SFD) as well as the OPEC Fund for International Development (OFID).

Suriname is facing significant challenges due to the strong growth in energy demand. The challenges include limited technical, institutional, and financial capacity to service the grid areas and hinterlands.

To address these challenges, the IsDB Group, SFD as well as the OFID have commenced financing a project for "Expansion of Transmission and Distribution Systems" through an executing agency called Energy Berijven Suriname (EBS) that provides electricity to the capital, Paramaribo, and surrounding districts.

Dr. Sobir Komilov, Head of IsDB Regional Hub Suriname, says: “This is the first intervention of IsDB in supporting the power sector in the country and fully in line with the recently launched Country Engagement Framework for Suriname (2024-2026). The Project will contribute to satisfying the increasing national electricity demand, allow connecting 4,350 new households and 470 new commercial units, and improve the electricity network performances by reducing the system average interruption frequency and duration.”

The project aims to increase the transmission capacity, and enhance the stability and reliability of electricity service supply through expanding the electricity transmission and distribution network in Paramaribo and Nickerie, thereby increasing capacity and efficiency in the electricity sector.

It comprises four key components with a total budget of US$105,695,000 and is scheduled for completion in the third quarter of 2028.

The co-financing amount from the development partners comprise:  

• IsDB contribution: US$47,685,000
• SFD contribution:  US$20,240,000
• OFID contribution: US$25,300,000
• Government of Suriname contribution: US$12,470,000

The initiative is a significant effort to improve the welfare of the population in greater Paramaribo with the surrounding districts and Nickerie in the western part of the country, and to enhance the competitiveness of domestic producers and exporters by ensuring reliable electricity delivery.

For more inquries within IsDB Group, please contact:

M.A.DinMohammadi,

IsDB Group Regional Communications Officer:

mdinmohammadi@isdb.org