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African Development Bank (Abidjan)

Africa's 'New Deal on Energy' Bets on Innovation & Renewables

"Africa is simply tired of being in the dark," says the African Development Bank (AfDB) President, Akinwumi Adesina. The Bank's "New Deal on Energy for Africa" initiative aims to help the continent achieve universal electricity access by 2025--providing 160 GW of new capacity--with a strong focus on encouraging clean and renewable energy solutions. Pursuing its goal, the Bank recently seeded the Facility for Energy Inclusion (FEI), a pan-African renewable energy debt fund, and is looking to accelerate access to pay-as-you-go (PAYG) payment models for off-grid solar energy. More about the AfDB in this BRIEFING

Photo: AfDB

AfDB's New Deal on Energy for Africa is built on five inter-related and mutually reinforcing principles: (i) raising aspirations to solve Africa’s energy challenges; (ii) establishing a Transformative Partnership on Energy for Africa; (iii) mobilizing domestic and international capital for innovative financing in Africa’s energy sector; (iv) supporting African governments in strengthening energy policy, regulation and sector governance; and (v) increasing African Development Bank’s investments in energy and climate financing.