The European Investment Bank (EIB) has signed a $25 million financing plan for the installation of off-grid solar systems, to strengthen energy access in Africa.
EU bank commits $25 million to strengthen access to energy in Africa
Vice-President of the European Investment Bank (EIB – the EU bank) Ambroise Fayolle announced the signature of USD 25m in financing with d.light design to strengthen access to energy in Africa via solar kits that do not require a grid, are easy to use and inexpensive for users thanks to a pre-payment system. Particular emphasis will be placed on rural and suburban populations and micro-entrepreneurs.
EIB vice president, Ambroise Fayolle, made this announcement at the 6th African CEO Forum in Abijan, Cote ‘Ivoire.
Ethiopia, Kenya, Tanzania, Nigeria and Uganda are the countries of focus and EU believes the project will boost power delivery to both rural and suburban populations.
The bank will be working with d.light Design to supply energy through solar kits rather than through grid connection. The kits are inexpensive for users and utilise a pre-payment system.
Fayolle said the EU financing would enable d.light design to develop the installation of solar kits, including the panels and lamps, as well as low-energy equipment such as radios and TVs, in sub-Saharan Africa with the ambitious goal of reaching 10 million solar installations within five years.
“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs.
“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa,” Fayolle said.
The European Investment Bank has invested around €25 billion over the years, supporting more than 1,300 public and private sector projects. Specifically, since the EIB began intensifying its African investments in 2014 it has invested €8.8 billion in new financing to support infrastructure and the private sector.
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