The creation of the new Alliance for Green Infrastructure in Africa was announced recently by African Development Bank (AfDB) President Akinwunmi Adesina on the side-lines of the 6th European Union (EU)-African Union (AU) Summit in Brussels, Belgium. The AfDB is co-creating the new alliance with the Africa50 investment platform, in partnership with the African Union Commission (AU) and the African Union Development Agency (AUDA).
This alliance aims to complement and strengthen continental and global sustainable development initiatives. It will partner with other initiatives to attract private capital to finance green infrastructure projects. According to the AfDB, the idea is to fill the investment gap and generate large-scale, rapid financing.
Developing clean energy access infrastructure
The pan-African bank based in Abidjan (Ivory Coast) plans to leverage the private sector “to seamlessly develop transformative infrastructure that addresses Africa’s infrastructure gap in a sustainable manner that is resilient to climate change. Initially, the alliance will mobilize $500 million to develop and finance a portfolio of bankable green projects to catalyze large-scale and rapid financing of green infrastructure.
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The Alliance for Sustainable Infrastructure in Africa partners estimate that project development activities are expected to generate $10 billion in investment opportunities. The alliance will focus its investments on infrastructure that will contribute to universal access to electricity. And Africa needs it. According to the AfDB, more than 500 million Africans still do not have access to electricity.
The transition to carbon neutrality
“Alliance members will join together to leverage their collective efforts to accelerate Africa’s transition to carbon neutrality by closing the climate-resilient infrastructure gap, thereby helping Africa achieve its global development ambitions,” the AfDB says.
These partners will draw on their experience in financing sustainable infrastructure in Africa. The AfDB and Africa50 are particularly active in the power sector, providing financing for the construction of the Zafarana solar photovoltaic power plant (50 MWp) in Egypt, and the Sahofika hydropower project (200 MW) in Madagascar.
Jean Marie Takouleu