The African Development Bank (AfDB) has declared that the Off-Grid Energy Access Fund (OGEF) had completed its first close with committed capital of $58 million from the AfDB, the Nordic Development Fund, the Global Environment Facility, Calvert Impact Capital and All On.
The Fund is part of the bank’s sponsored Facility for Energy Inclusion (FEI), a $500 million debt platform to catalyse capital markets support for innovative energy access strategies.
OGEF’s first close follows the official launch of FEI at the Africa Energy Market Place (AEMP) on July 5-6, 2018, where the initiative was presented to representatives of five African countries, including Nigeria, Côte d’Ivoire, Ethiopia, Egypt and Zambia – as well as leaders from the private sector and the development partner communities.
AfDB’s vice president for Power, Energy, Climate Change and Green Growth, Amadou Hott, said “FEI is part of a broader Bank strategy to unlock more financing in decentralised energy companies, which also entails direct investments in market leaders, lines of credit for local banks and programmatic support to countries in scaling-up their energy access agendas.
“We will keep pushing the ‘off-grid revolution’ in the African continent to achieve universal energy access by 2025,” Hott stated.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
OPINION21 hours ago
Osun 2018 Governorship Election: Foretelling The Outcome
BUSINESS16 hours ago
JUST IN: CBN, NDIC Revokes Skye Bank’s Licence, Changes Name To Polaris Bank
NEWS15 hours ago
Why PDP Lost In 2015 – Kwankwaso
SPONSORED5 hours ago
How To Last For 25 Minutes Longer In Bed, Permanently End Pain And Embarrassment Of Weak Erection
NEWS15 hours ago
Customs Intercepts 11 Trucks Load Of Smuggled Rice
NEWS9 hours ago
PDP Set To Offer Presidency For Sale, BCO Alleges
NEWS17 hours ago
2019: I’m Set To Give 21st Century Leadership – Tambuwal
CRIME15 hours ago
Caretaker Stab Tenant To Death Over Use of Bathroom In Benin