African Development Bank Group Commits $164 Million to Promote Renewable Energy In Nigeria, 5 Other Countries
Nigeria is among five other African countries that will benefit from the African Development Bank Group (AfDB) Leveraging Energy Access Finance Framework (LEAF), programme, which the Bank has pledged to promote with up to $164 million.
Other African countries that will draw from the programme, which overall cost is estimated at $800 million are Ghana, Guinea, Ethiopia, Kenya, and Tunisia.
The AfDB said the programme will help spur commercial and local currency investments to scale up the activities of decentralised renewable energy companies in the six African countries.
According to the AfDB, “under LEAF, some 18 decentralised renewable energy projects are expected to be financed, providing access to six million people and businesses, resulting in 28.8 million tonnes CO2 eq. in greenhouse gas emission reductions over the lifetime of the systems.”
Photo courtesy of Lukas Bato.