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The African Development Bank (AfDB) and the Bank’s Sustainable Energy Fund for Africa (SEFA) have approved a combined-equity investment of US$20mn in the AfricaGoGreen Fund
It’s a debt fund established to promote private investments in energy-efficient technologies and business models, with the objective of decarbonising African economies and accelerating the energy transition.
These new investments come on top of US$11.5mn equity contribution approved by the Nordic Development Fund (NDF) in December 2021. NDF provides financing to climate change mitigation and adaptation activities within the nexus of climate change and development. NDF is also a donor to SEFA, thus reinforcing the close partnership to advance the transition to cleaner and greener solutions for the continent while encouraging the participation of the private sector.
“This combined Bank investment will lead to increased financing of emerging projects and businesses in the areas of industrial appliances, electric mobility and green buildings, which are key to the decarbonization of African economies and to a just energy transition,” said Dr Kevin Kariuki, AfDB vice-president for power, energy, climate and green growth.
The AfricaGoGreenFund provides flexible and tailored debt instruments to private businesses in green appliances for domestic and industrial processes, green buildings, e-mobility solutions, and battery energy storage projects.