The Energy Inclusion Facility (EIF) of the African Development Bank (AfDB) has raised USD 160 million. The funds provided by several development partners will help finance renewable energy projects in Africa.Several development partners have invested a total of USD 160 million in the Energy Inclusion Facility (EIF). It is a debt financing facility for small-scale electricity access projects, capitalised by the African Development Bank (AfDB) and other development finance institutions as well as commercial investors.
The $160 million was allocated by several financial institutions, including the AfDB, which directly invested $90 million.“This amount includes US$ 20 million that the Bank is providing in its capacity as executing agency of the Clean Technology Fund,” the AfDB explained. The European Commission contributed US$ 25 million to the EIF, the same amount was provided by Kreditanstalt für Wiederaufbau (KfW), the German development agency, and Norfund, a Norwegian government private equity firm. Read more…
