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African Development Bank Pledges $12bn for Renewable Projects
December 1, 2016
In its quest to mobilising funds to accelerate access to electricity, the African Development Bank has pledged to provide $12 billion for renewable energy projects.
Last week, the multilateral financial institution stated that the funds will be spent over the next five years under the African Renewable Energy Initiative of the Africa Union (AU), the Standard Media reported.
The initiative targets to deliver 10GW of electricity by 2020 and 300GW by 2030.
Speaking at the recently ended UN-led climate change talks in Marrakech, Morocco, the African Development Bank (AfDB) officials said the financing will empower countries to scale up harnessing of their renewable energy potential.