African Development Bank Group announces energy initiative

By AT editor - 18 September 2015 at 8:03 pm

The African Development Bank Group (AfDB), yesterday, announced an initiative aimed at solving the African energy deficit by 2025. The announcement of the “New Deal for Energy in Africa” was made at a High Level Stakeholder Consultative Meeting in Abidjan.

AfDB Presidnet, Akinwumi Adesina, said “a lot of financing will be needed. Together, we must close the $55 billion financing gap for energy in sub-Saharan Africa. And we must raise our level of commitment to meet the $22 billion needed to support universal access to energy in the region,”

“The New Energy Deal for Africa will push for the establishment of a Bottom-of the Pyramid Energy Financing Facility for Africa. This should support some 700 million people to afford clean cooking energy stoves. The cost is well within our reach to provide, for it will take only $4.2 billion to solve the problem. We can and must solve their problem – and do so quickly,” he continued.

This project may be a step towards creating a more stable economy and future for the continent. It seems that the “New Deal for Energy in Africa” may be a good move forward for African development as a whole.

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