European Investment Bank (EIB) Commitment to Provide Solar System in Africa

African Development Bank, solar, energy, Ghana, Nigeria, Côte d’Ivoire, European Investment Bank, Ambroise Fayolle, East Africa

Most Africans in rural and urban areas lack access to clean energy. African Development Bank (ADB) is mobilizing $55m funds early this year to support East Africa off-grid solar project. Other beneficiary countries include Nigeria, Côte d’Ivoire, and Ghana. The bank initiative is in line with its goal of connecting 29 million people in Africa come 2020. The European Investment Bank (EIB) has declared its plan of investing in solar system in Africa.

The project is to provide clean energy in Africa, especially in rural areas. The San Francisco-based company d.light will receive €25m funds for project implementation. The amount will help in the development of innovative solar kits such e.g. lamps, panels, TVs. and radio. The bank estimates 10 million kits in Sub Saharan African in 5 years from investment. The target countries in the first phase comprising of Kenya, Uganda, and Ethiopia.

According to the Ambroise Fayolle, the EIB Vice-President, the project inculcates socioeconomic impacts. The investment is the EIB agenda to combat poverty and climatic change in Africa. In the last 15 years, the bank has spent €6.3 billion towards this agenda. Approximately, €1 billion solar project fund was spent last year. The bank is also working to implement the Paris climate resolution. The other commitment is to achieve sustainable development goal. The bank promised new investment funds to support renewable energy project in Africa.


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Written by Denis Opudo

Am an engineer who's a tech blogger, hit me up on [email protected] and we base our discussion on technology in Africa and the rest of the world.
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