- Posted by Kieth Oliver
- On January 27, 2016
- 0 Comments
DAVOS, SWITZERLAND – The African Development Bank Group (AfDB) presented its New Deal on Energy for Africa, and launched a Transformative Partnership on Energy at the World Economic Forum in Davos, Switzerland, writes SAM OKWAKOL.
Akinwumi Adesina, President of the African Development Bank Group said last week: “The ‘New Deal on Energy for Africa’ sets the ambitious target of universal access by 2025, which means bringing modern energy to 900 million people in sub-Saharan Africa, to cover for those who do not currently have access as well as the expected population growth.
“This implies a step change in the way that the Bank, African countries, development partners and the private sector approach the energy sector on the continent,” he said.
Adesina, and the bank has come up with $12-billion dollars to spend over the next five years.
He said the New Deal on Energy for Africa is a transformative partnership-driven effort with an aspirational goal of achieving universal access to energy in Africa by 2025.
The plan includes proposals to support African governments in strengthening energy policy, regulation and sector governance.
To drive and achieve this goal, the AfDB is working with governments, private sector, bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa – a platform for public-private partnerships for innovative financing in Africa’s energy sector.
“To succeed, we must work together. As the African proverb says: ‘If you want to go fast, go alone. If you want to go far, go together’.
“Hence, the African Development Bank is working with governments, the private sector, bilateral and multilateral agencies – several of whom are represented here – to develop a Transformative Partnership on Energy for Africa. This will provide a platform for public private partnerships for innovative financing for Africa’s energy sector,” Adesina said.
In addition to the bank’s pledge of $12-billion in energy funding over five years, Adesina said he expected the plan to attract up to four times as much from other financiers.