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AFDB allocates $500 Million Credit for Electrification from Renewable Energy SOU

The African Development Bank (AfDB) has recently grants a loan of US$ 500 million for Africa's electrification through renewable energy. The funds will be allocated among major project promoters and off-grid suppliers. Called the Energy Inclusion Facility (EIF), the line of credit is unlocked by the African Development Bank (AfDB). This financing comes at a time when the development of renewable energies, particularly solar energy, is experiencing certain dynamism.

The credit line is detached into two parts. An amount of $100 million is reserved for the off-grid. This tranche will allow off-grid providers to expand their services, especially in rural areas where people are often not associated to the national electricity grid. The most common solution is the solar home kit, a small network that equipt a home. The off-grid market is unavoidable for companies; with companies increasingly choose for grid autonomy, particularly in countries such as Nigeria.

Source : afrik21.africa
Posted On: 7/1/2019 12:00:00 AM

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