AfDB, France sign agreement to implement the African Renewable Energy Initiative

07 Nov 2016
Financial Nigeria

Summary

The French government will provide a €6 million grant to help set up the Delivery Unit of the Initiative to be hosted at the AfDB.

Akinwumi Adesina, President, African Development Bank

The African Development Bank and the French government signed an agreement yesterday for the implementation of the African Renewable Energy Initiative (AREI), according to a statement released on Monday. Under the terms of the agreement, the French government will provide a €6 million grant to help set up the Delivery Unit of the Initiative to be hosted at the AfDB.

The African Renewable Energy Initiative, which was announced during the COP21 Conference in Paris last year, aims to develop 10 gigawatts of new renewables by 2020, reaching 300 gigawatts by 2030. The Initiative seeks to raise about $20 billion to help African countries implement low-carbon development strategies to provide clean, safe, and affordable energy to the 640 million Africans living without access to electricity.

“I strongly welcome France’s contribution to the AREI. I hope that this commitment, will be an important catalyst for others in helping us reach our funding goals as we strive to meet Africa’s future energy needs,” said Frannie Léautier, the AfDB’s Senior Vice-President.

The agreement was signed by Frannie Léautier, on behalf of the bank, and Ségolène Royal, the French Minister for Energy, Environment, and Marine Affairs.

According to the AfDB, the Initiative will help African countries to introduce and manage policies that will allow for rapid and sustainable rollout of renewables technologies, and build institutions and systems for sustaining these investments.

France’s contribution will help map existing initiatives and programmes for renewable energy development; identify new renewable energy development projects; and monitor priority projects of renewable energy development in Africa among others.


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