The Islamic Development Bank (IDB) and Masen have signed two memoranda of understanding to support the development of renewable energy in member countries of the IDB in Africa.
The Moroccan Sustainable Energy Agency, Masen, signed two memoranda of understanding with the Islamic Development Bank (IDB) Group on April 6, 2019, on the sidelines of the IDB General Meetings held in Marrakech, Morocco. The purpose of this collaboration between the two parties is to boost the growth of renewable energy in IDB member African countries.
The first memorandum now linking Masen to the IDB will provide African countries, members of the group (IDB), with Masen’s expertise and IDB financing for the implementation of projects in the renewable energy sector.
The second memorandum lays the foundation for a partnership between Masen and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), an institution that is part of the IDB Group. The aim is to implement strategies and tools to facilitate private investment in renewable energy electricity generation.
Masen is turning to an external partner to achieve its objective: to contribute to green energy expansion on the field. After the signing of these agreements, Masen’s CEO Mustapha Bakkoury said: “We will impose a high standard in the selection of the most appropriate technologies and adequate financing mechanisms for the optimal development of the sustainable reservoir of renewable resources in Africa. »
Electricity for Africa’s development
In December 2018, Masen signed a similar agreement with the African Development Bank (AfDB). Investments that could improve access to electricity in Africa. In 2017, 645 million Africans were without electricity. World Bank data show that Africa needs to increase its production capacity by 7 GW each year if it is to meet the needs of its people. Africa’s electricity deficit causes it to lose nearly 4 percentage points of growth each year. While universal coverage of Africa in electricity would result in annual growth of 10 to 15% over a 15-year period.