AfDB Wants More Renewable Energy Projects As AIF Deals Signed

African Development Bank
FILE: African Development Bank president Akinwumi Adesina. Picture: AFP

JOHANNESBURG – The African Development Bank will on Wednesday announce all the deals that were signed and promised at this year’s Africa Investment Forum (AIF).

Bank president Akinwumi Adesina initially said he expected to nearly double last year’s figures to $67 billion.

Ghana’s cocoa state-owned entity, a local women’s funding manager as well as another South African Railway consortium were among companies that have so far succeeded.

The African Development Bank has made it clear it wanted more renewable energy projects this year.

It’s now confirmed that out of the $100 billion infrastructure funding on the continent in 2018, $43. 8 billion went to energy with ICT beginning to make inroads.

But the biggest funding gap was in water and sanitation where between $43bn to $53bn is still needed.

The sector, however, is unattractive due to low tariffs, lack of local government financial capacity and limited international support.

Ghana has scored $2.5 billion for its high-speed train, and another $600 million for cocoa value chains and the European Union has committed €1 billion for women-run enterprises.

On Wednesday, the picture will be clearer regarding where all the money has come from and where it will be invested.

EWN

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