AfDB offers renewable energy boost for Africa
5 April 2011
Energy infrastructure in Africa looks set to get a boost after it was announced that the African Development Bank (AfDB) has created a $57 million (£35 million) fund for renewable energy projects across the continent.
The bank's chief sector specialist told Reuters that no specific recipient countries had been chosen as beneficiaries of the fund just yet, adding that he expected it to be in full operation after June.
"It is a clean investment ... in only clean renewables," Youseff Arfaoui added.
The Denmark-backed Sustainable Energy Fund for Africa joins two other green energy funds in the region worth $6 billion being run by the AfDB and twelve non-African donor countries.
Mr Arfaoui said the AfDB were expecting to take the loan to its board for approval in May.
The news follows a similar announcement from the AfDB that South Africa will receive funding for wind and solar projects.
Power utility company Eskom looks is to get $270 million from the institution, AfDB's climate change and energy director Hela Cheikhrouhou told the news provider.