The African Development Bank says it has freed up $600 for investment in renewable energy in Africa.
The President, African Development Bank, Dr Akinwumi Adesina, who disclosed this in his keynote speech at the UK-Africa Investment Summit, said, “Huge opportunities exist for investment in renewable energy, especially for hydropower, wind, solar, thermal and geothermal.
“But many of these opportunities can’t be realised unless we invest a lot more in project preparation to make the projects bankable. The African Development Bank through its NEPAD infrastructure project preparation facility has helped to mobilise financing for $8.5bn of infrastructure projects.”
The AfDB said the Sustainable Energy Fund for Africa, based at the bank, had supported investments in excess of $800m in renewable energy.
Source: Punch Newspaper
