fbpx
Friday, July 23, 2021
Home Business AfDB Fund Raises Total Capital Of $274M Since 2011

AfDB Fund Raises Total Capital Of $274M Since 2011

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The African Development Bank (AfDB) fund has raised a cumulative total capital of 274 million US dollars since 2011, Dr Kevin Kariuki, Vice President Power, Energy, Climate and Green Growth, AfDB has said.

Kariuki said this in the recently released 2020 Annual report of the AfDB’s Sustainable Energy Fund for Africa (SEFA) titled “building foundations for success”.

The AfDB vice president also said various SEFA donors renewed their commitments and pledged over 90 million US dollars in new contributions.

“It is worth recalling that SEFA was transformed at the end of 2019 into a larger and more catalytic platform operating across three strategic priorities – green mini-grids, green baseload and energy efficiency – to accelerate the clean energy transition in Africa.

“It is therefore no surprise that the year culminated in the strong endorsement of SEFA’s ambitions and capacity to deliver.

See also  Buhari Meets Ex-Ethiopian PM, Says Nigeria’s Back-To-Land Policy Rewarding

“In the presence of representatives from African governments, private sector and industry players, various SEFA donors renewed their commitment and pledged over USD 90 million in new contributions, bringing SEFA to a cumulative total capital raised of USD 274 million since 2011.”

He emphasised that the “new” SEFA had an expanded toolbox from technical assistance grants to concessional project finance.

See also  EFCC Resumes $8.4M Fraud Case Against Jonathan

He noted that this was designed to support the AfDB in pushing new boundaries in the renewable energy space.

He further said more than 50 million US dollars was approved for projects in 2020, all of them with a huge potential to deliver impact.

Kariuki, however, said that the success of SEFA should leave no room for complacency.

See also  Nigeria Discharges 829 COVID-19 Patients, Highest Number in a Day

“Let us build on our achievements this year and propel SEFA as a lead instrument for driving Africa’s energy transition and access agendas in line with the bank’s New Deal for Energy in Africa.”

The 2020 SEFA Annual Report was prepared by the SEFA Technical Unit and approved by João Cunha, Division Manager, and Daniel Schroth, Acting Director, Renewable Energy and Energy Efficiency Department, AfDB.

Section one of the report showcases the new SEFA focal areas and instruments, including both technical assistance and concessional investment instruments for projects across three focal areas.

The areas are green mini-grids, green baseload, and energy efficiency.

Section two of the report presents the key achievements in 2020, including the seven new projects approved, six projects completed, and the three outreach events.

See also  Ondo State Attracts $350m FDI in 3 Years — Official

The events were organised to disseminate and validate knowledge products developed with SEFA support.

Section three provides an overview of SEFA’s legacy (from 2012 to 2019) portfolio, encompassing a total of 80.5 million US dollars provided to 71 projects in 30 countries.

See also  Afreximbank Closes $1.3B Bond Issuance

Furthermore, section four looks ahead to the priorities for 2021 and continuing SEFA’s transformation into the leading catalytic finance facility for the African continent.

© 2021, Scud News. All rights reserved.

- Advertisement -

Most Popular

Sweden Phases Out Use Of AstraZeneca Vaccine

Sweden is gradually phasing out the use of the COVID-19 vaccine produced by the British-Swedish pharmaceutical company AstraZeneca.

Kano Makes NIN Compulsory For Public Secondary School students

Saidu-Kiru said the NIN would enable the ministry to have an updated data base for all students for the purpose of planning and optimum

Ex-banker, Wife, Mother–In-Law Jailed 60 Years for Stealing Depositors’ Fund

A former bank cashier, Ebenezer Adeolu Alonge, his wife, and mother-in- law, Isakunle Eunice Moradeke have been jailed by a court in Ekiti.

Public Display Of Affluence Dangerous, DSS Warns

The Department of State Services (DSS) has warned Nigerians on the dangers of public display of affluence, saying it is great security...

© 2020 – 2021, Scud News. All rights reserved.

%d bloggers like this: