AfDB Partner DFID To Provide $80m Infrastructure Support
The African Development Bank and the Department for International Development are partnering to provide $80m infrastructure support for African countries.
In a statement, the President, AfDB, Dr Akinwumi Adesina, said this while delivering his speech during at the UK-Africa Investment summit, “Sustainable infrastructure forum,” in London.
Adesina said, “And I was delighted yesterday to announce the partnership of DFID with the African Development Bank for £80m to further support project preparation for infrastructure.
There is definitely need for more resources for project preparation facilities in Africa.”
According to him, huge opportunities existed for investments in renewable energy, especially for hydropower, wind, solar, thermal and geothermal, but many of these opportunities could not be realised unless the continent invested a lot more in project preparation to make projects bankable.
He said, “The African Development Bank through its NEPAD infrastructure project preparation facility has helped to mobilise financing for $8.5bn of infrastructure projects. That is a leverage ratio of 1:525.
“We helped to establish Africa 50, an institution to support infrastructure project preparation and financing. It has raised over $860m and will now be establishing a $1bn third-party private fund to finance infrastructure investments by private sector on a commercial basis.”
He said the Sustainable Energy Fund for Africa based at the bank, had supported investments in excess of $800m in renewable energy.