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AfDB Invests $25m in Africa’s Renewable Energy

AfDB President

The African Development Bank (AfDB) on Friday, said it had approved an equity investment of 25 million dollars into the continent’s renewable Energy Fund (AREF) to fast track energy development. The bank said that the approval for the investment was given by the bank’s Board of Directors on Wednesday.

“The Energy Fund is a private equity fund that will invest in small to medium-sized renewable energy projects in Sub-Saharan Africa, excluding South Africa, with a targeted fund size of 150 million dollars to 200 million,” it stated. The bank also said that Africa needed to adapt to climate change and embark on low-carbon growth paths, adding that estimated cost of such adaptation ranged from 22 billion dollars to 31 billion dollars per annum between now and 2015.

AREF was set up to contribute to the investment needs of Sub-Saharan Africa and to build sustainable renewable energy industries across the region.

Source: http://www.nigerianbulletin.com/threads/afdb-invests-25m-in-africas-renewable-energy.19968/