The African Trade Insurance (ATI) and European Investment Bank (EIB) have launched a $1 billion Renewable Energy Facility for sub-Saharan Africa.
The facility is supported by the government of Germany and the EU as part of their commitment to backing the UN’s Sustainable Energy for All initiative.
The facility was launched at the Berne Union Spring Meeting hosted by ATI and supported by the government of Kenya. Representing Kenya’s Cabinet Secretary for the National Treasury, Henry Rotich, and Kenya Principal Secretary for Energy Eng. Joseph Njoroge said Kenya was honoured to be hosting this important meeting of insurers that underpin a large amount of global investments and financing.
“This meeting is shining the spotlight on Africa at an opportune moment. The continent now has six of the world’s ten fastest growing economies. Add to this, Africa’s renewed emphasis on infrastructure development combined with innovation, natural resources and improved regulatory structures. Quite simply, the message we would like to relay to the global investment community through this meeting, is that Africa is brimming with opportunities.
“This facility is particularly important because it reassures financiers and investors in the energy sector in Africa that their investments are fully covered and safe and this eventually ensure the production of cheaper energy which benefits the final energy users,’’ said Ngoroje.