AfDB to increase energy investment to $12 billion

Dr Akinwumi Adesina

Dr Akinwumi Adesina

Bianca Mlilo, Business Reporter
THE Africa Development Bank (AfDB) has pledged a $12 billion investment in Africa’s energy sector over the next five years.

This is in line with the development bank’s five initiatives – Light up and power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the quality of life for the people of Africa.

The five are part of a comprehensive blueprint for the implementation of the regional bank’s 10-year strategy 2013-2022.

AfDB president Dr Akinwumi Adesina has said energy was the number one priority of the bank’s five initiatives.

He said the bank has prioritised energy as the number one priority of the above-mentioned initiatives.

“The AfDB will increase its energy investments to $12 billion for the 2016-2020 period with a view to leverage another                                 $50 billion,” said AfDB.

Meanwhile, Zimbabwe validated its Sustainable Energy for All (SE4All) Action Agenda during a workshop in Harare last week.

More than 120 stakeholders from the Government, including the Deputy Minister of Energy and Power Development Deputy Minister Cde Tsitsi Muzenda, the private sector, civil society, academia and development partners converged at the workshop.

The workshop was meant to conclude the work on the Action Agenda that started in 2015 to define Zimbabwe’s long-term objectives on energy access, energy efficiency and renewable energy, as well as the priority actions required to achieve them.

SE4All Africa Hub coordinator at AfDB, Mr Daniel-Alexander Schroth, said: “The validation of the Action Agenda is only the beginning of the journey as the focus has to shift now decisively towards implementation and mobilisation of the required investments to turn it into reality, to improve living conditions, create economic opportunities, and improve the lives of millions of Zimbabweans.”

Zimbabwe is one of the first African countries to embrace the SE4All Initiative in 2012.

The process was supported by the AfDB through the Africa Climate Technology and Finance Centre project.

The Action Agenda presents an energy sector-wide vision spanning the period to 2030 and effectively constitutes a national implementation framework for the Sustainable Development Goal 7 on energy. – @BiancaMlilo

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