The leading financial intuition African Development Bank has announced that the Trust Fund Committee of the Clean Technology Fund (CTF), one of two funds within the Climate Investment Funds (CIF), to extend a $10 million concessional senior loan to Ethiopia. The load will help to develop a 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia.
The project is seen as a critical step to the East African countrys drive to harness sustainable and resilient energy resources to support its economy and livelihoods. With this investment, CTF becomes the first geothermal Independent Power Producer (IPP) in Ethiopia.
The prominent projects and supports by AfDB in last four months featured below:
- April 2020: Sustainable Energy Fund for Africa (SEFA), which is managed by African Development Bank, has approved around $760,000 grant to Empower New Energy AS (EmNEW) , to develop small renewable energy projects across Sub Saharan Africa. As per agreement EmNEW has to develop at least eight small renewable energy projects with capacity ranging from1-10 MW.
- April 2020: African Development Bank Group has announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the coronavirus pandemic.
African Development Bank will support up to $10 billion to governments and the private sector in the African regions. The Facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group’s concessional arm that caters to fragile countries. Recently, the Bank launched a record-breaking $3 billion Fight COVID-19 Social Bond.
- March 2020: African Development Bank (AfDB) managed Africa Fertilizer Financing Mechanism (AFFM) has announced the investment of around $2.2 million to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers.
- March 2020, AfDB had announced an agreement with Sudans largest conglomerates DAL Group, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Banks first private sector loan to the East African nation.
- December 2019, AfDB had approved a $60 million loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme.
About African Development Bank (AfDB)
African Development Bank (AfDB) Group is a multilateral development bank, headquartered in Abidjan, Côte dIvoire. AfDB was established in 1963 by the Organization of African Unity (OAU) to promote sustainable economic development in the region. The main objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), and finally help in poverty reduction.