Energy gets bank backing for more development

A new portal to encourage investment into Africa’s energy sector, end to end, has been launched by the African Development Bank (AfDB). The AEP portal – hosted at http://Africa-Energy-Portal.org – will consolidate, validate and disseminate energy data and insights across Africa’s energy value chain, covering generation, transmission, distribution, regulation and policy. It is designed to address a lack of information in the sector, by providing a one-stop-shop for accurate, reliable, relevant and up-to-date information on energy in Africa. This will include statistics on investment flows and deals, as well as the socioeconomic outcomes of power projects. Amadou Hott, vice-president of power, energy, climate change and green growth at the AfDB, said: “Many international and local stakeholders have experienced the data access and reliability challenges that hold back substantive participation in the numerous opportunities within Africa’s energy sector. “The AEP is strategically positioned to resolve these challenges, by providing stakeholders with the requisite information to facilitate decision making and fast-track investments and initiatives that will revolutionise Africa’s energy sector.” In addition to being an information repository, the AEP will also provide an interactive platform for knowledge sharing amongst Africa’s energy sector stakeholders and experts. It will serve as a virtual space for engagement and progressive dialogue on pertinent issues affecting the development of the continent’s energy and power infrastructure. The AEP will leverage the bank’s energy sector and statistical expertise to consolidate and generate verified data and statistics on Africa’s energy sector. The bank also aims to collaborate with regional organisations and in-country statistics agencies to develop data collection and validation procedures, to improve the quality of publicly available information on the continent’s energy sector. Meanwhile, the Eastern and Southern African Trade and Development Bank (TDB) and United States Agency for International Development’s (USAID) Power Africa initiative have signed a memorandum of understanding that will finance power projects in 22 African countries. TDB president and chief executive Admassu Tadesse said: “TDB is very pleased to deepen its existing partnership with USAID in further support of the Power Africa initiative, which resonates strongly with TDB’s strategy and mandate. We are proud to count USAID among our growing number of cooperating trade and development finance partners in the US.” As a new entrant to the programme, this collaboration makes TDB the 18th development partner of the Power Africa initiative. This formalises an existing relationship between Power Africa and TBD, which has been working together to finance the power sector, and will now further strengthen the commitment to powering Africa through local institutions.

Energy gets bank backing for more development

Want to read this article?

Read Next

Hong Kong and Shanghai to cooperate on captives and ILS

Supply chain cyber risk concentrated in 15 top vendors with ‘below average’ cybersecurity

Four in five non-EU companies to align with CSRD

Swerma to focus on AI and ESG in 2024

Hong Kong and Shanghai to cooperate on captives and ILS

Supply chain cyber risk concentrated in 15 top vendors with ‘below average’ cybersecurity

Four in five non-EU companies to align with CSRD

Swerma to focus on AI and ESG in 2024

Climate shifts – is your business continuity plan ready?

Want to read this article?

Read Next

Hong Kong and Shanghai to cooperate on captives and ILS

Supply chain cyber risk concentrated in 15 top vendors with ‘below average’ cybersecurity

Four in five non-EU companies to align with CSRD

Swerma to focus on AI and ESG in 2024

Climate shifts – is your business continuity plan ready?

Related Articles