The African Development Bank (AfDB) underscored its commitment to the Power Africa Initiative at a roundtable discussion on obstacles to investment in power projects in Africa, which took place during the AfDB's Annual Meetings.
Participants at the roundtable emphasized the need for strong collaboration to deliver the project's goal to double the number of people with access to electricity in Sub-Saharan Africa.
23 May 2014: The African Development Bank (AfDB) underscored its commitment to the Power Africa Initiative at a roundtable discussion on obstacles to investment in power projects in Africa, which took place during the AfDB’s 49th Annual Meeting. Participants at the roundtable emphasized the need for strong collaboration to deliver the project’s goal to double the number of people with access to electricity in Sub-Saharan Africa.
US President Barack Obama launched the five-year initiative during his Africa Tour in July 2013, in partnership with the governments of Tanzania, Kenya, Ethiopia, Ghana, Nigeria and Liberia. The AfDB has been a key partner in the design and implementation of the initiative, in partnership with the US Agency for International Development (USAID), the World Bank and the private sector.
Alex Rugamba, AfDB, Rugumba noted AfDB’s approval of “a major policy-based operation to support Angola with structuring its energy sector and improving the climate for private sector participation” towards the implementation of the initiative. He also stressed the importance of various other partners, including the Sustainable Energy Fund for Africa (SEFA), the New Partnership for Africa’s Development (NEPAD) and the Sustainable Energy for All (SE4ALL) Initiative.
The US has committed over US$7 billion in financial support and loan guarantees for the first five years of the initiative. The AfDB plans on leveraging its US$3 billion investment four-fold during the same period.
The roundtable took place in Kigali, Rwanda, on 21 Wednesday 2014. [AfDB Press Release] [USAID Power Africa Website] [AfDB Annual Meetings Website] [IISD RS Story on Annual Meeting]