AFDB Mobilizes $55 Billion For Energy Development In Africa

The African Development Bank is set to mobilize $55 billion of investment into Africa's energy sector. This according to the bank's president, Akinwunmi Adesina is to eliminate Africa's energy deficit by 2025.

The project termed "New Deal for Energy in Africa,” will significantly raise its support for energy projects and that its partners should also scale up efforts.

“A lot of financing is needed, we must close the $55 billion financing gap for energy in sub-Saharan Africa,” Adesina said in a speech on Thursday in Abidjan, the commercial capital of Ivory Coast, where the bank is based.

The deal is the first initiative Adesina has announced since he became president of the bank. The bank spent $2 billion on energy projects in 2014, with $650 million in power generation. Over 80 percent of the generation projects were renewable energy.

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Source: BusinessDay

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