The African Development Bank (AfDB) has revealed plans to invest US$12bn to improve renewable energy development.
In a statement quoted by Global Construction Review, AfDb President Akinwumi Adesina, confirmed during the inaugural edition of the Africa Energy Market Place (AEMP) that there was a need to act speedily to accelerate the plans to light up and power Africa.
The objective is to provide power for household use, Small and Medium sized Enterprises (SMEs), pumping water for livestock farming, irrigation, agricultural production zones and mitigating the effects of climate change by developing solar energy in desert parts of Africa.
Adesina acknowledged the AEMP as an industry-wide collaborative platform convened by the AfDB to address barriers to mobilizing and scaling-up private investment into the energy sector by bringing together key stakeholders in the continent’s energy sector.\
Source: Energy Mix Report