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The African Union’s New Partnership for Africa’s Development Agency (NEPAD) has signed an MoU with USAID to support its Power Africa initiative
USAID's Power Africa initiative aims to provide electricity to 600mn homes and businesses over the next five years, and is primarily focused on projects in Tanzania, Kenya, Ethiopia, Ghana, Nigeria and Liberia.
According to the terms of the MoU, Power Africa will support NEPAD’s process to finalise energy projects on a priority basis. These projects are under the Africa Power Vision (APV).
NEPAD officials said they will seek opportunities for collaboration between Power Africa transaction advisors and NEPAD officials in order to choose priority APV energy projects and provide support to NEPAD from Power Africa’s senior advisory group.
“Energy availability, accessibility, affordability and security are fundamental pre-requisites for any meaningful socio-economic development in Africa. Through the MoU, the expertise, resources and outreach available to both NEPAD and Power Africa will play an important role in achieving this goal for the majority of the African population,” said Ibrahim Mayaki, CEO of NEPAD.
This MoU was finalised after Barack Obama, President of USA announced that Power Africa seeks to provide energy to more than 600mn homes and businesses over the next five years.