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AfDB starts Sh52bn Africa energy fund

AfDB regional director for East Africa Gabriel Negatu. PHOTO | DIANA NGILA
AfDB regional director for East Africa Gabriel Negatu. PHOTO | DIANA NGILA 

African Development Bank (AfDB) has launched $500 million (Sh51.5 billion) fund for energy inclusion, with $100 million (Sh10.3 billion) seed capital set to provide affordable finance for companies investing in renewable energy.

The bank has also committed to invest $24 billion (Sh2.4 trillion) towards agriculture in the next 10 years, with sharp focus on food self-sufficiency and agricultural industrialisation, according to AfDB’s regional director for East Africa Gabriel Negatu.

Mr Negatu announced this Wednesday as the African lender is set to hold its 52nd annual meetings next week in Ahmedabad, India.

The meetings scheduled for May 22 to 26, will be held under the theme, “Transforming Agriculture for Wealth Creation in Africa”. The annual meetings are the bank’s largest yearly events.

The continental multilateral lender said the potential of the continent is not fully realised, resulting in under performance and chronic food shortages.

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