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African Development Bank Raises $274million As Capital

African Development Bank Raises $274million As Capital

The Vice President of the African Development Bank ( AfDB ), has said that a sum of 274 million US dollars has been raised as capital by the organization.

This was included in the AfDB’s Sustainable Energy Fund for Africa (SEFA) 2020 Annual Report, which was titled “building foundations for success,”

According to the AfDB vice president, several SEFA contributors have extended their responsibilities and offered around 90 million dollars in fresh contributions to the program.

According to the report, SEFA was transformed into a larger and more catalytic platform that operates across three crucial sectors – green mini-grids, green baseload, and energy efficiency – to advance Africa’s clean energy revolution.

Read More: World Bank Commends Yahaya Bello Over Refund Of 4.63m Surplus Fundshttps://agnesisika.com/world-bank-commends-yahaya-bello-over-refund-of-4-63m-surplus-funds/

“The fact that the year came to a close with a strong reinforcement of SEFA’s ambitions and capacity to perform should come as no surprise.

The participation of officials from African governments, the commercial sector, and industry participants helped SEFA donors renew their commitment and pledge over USD 90 million in further donations, increasing the total amount of money raised by SEFA to USD 274 million since 2011.”

Mr. Ayala emphasized that the *New* SEFA was equipped with a more comprehensive toolset that comprised everything from technical assistance awards to concessional project funding.

He went on to clarify that this was done in order to assist the African Development Bank (AfDB) in pushing new boundaries in the renewable energy sector.

According to him, more than 50 million dollars had been approved for initiatives in 2020, all of which had a strong likelihood of having an impact on the world.

However, according to Kariuki, SEFA’s achievements should not be taken for granted at this point in time.

“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” he said.

The SEFA Technical Unit wrote the SEFA Annual Report for 2020, which was approved by Joo Cunha, Division Manager, and Daniel Schroth, Acting Director, AfDB Renewable Energy and Energy Efficiency Department, as well as the SEFA Technical Unit.

Section one of the report contains a discussion of the new SEFA target regions and instruments, which covers both technical assistance and concessional investment instruments for projects spanning three focal areas.

Green mini-grids, green baseload, and energy efficiency are the three categories that are being discussed here.

The second half of the report outlines significant successes in 2020, including seven new projects that have been approved, six projects that have been completed, and three outreach activities.

The events were arranged in order to share and validate knowledge products that had been developed with the assistance of SEFA.

SEFA’s legacy portfolio (from 2012 to 2019) is described in Section 3, which consists of 80.5 million US dollars distributed to 71 projects in 30 countries over five years.

Moreover, in Section 4, we look ahead to the priorities for 2021, as well as to the continuation of SEFA’s transition to become the continent’s leading catalytic finance facility.

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