The African Trade Insurance Agency (ATI)
will receive a $2.74 million grant as part of a strategic partnership with the
European Investment Bank (EIB) to upgrade Africa's energy
sector.
The
first phase of the agreement, which was signed by EIB Deputy Director General
Jean-Christophe Laloux at the sidelines of the 5th EU-Africa Summit, will see
ATI employ specialist skills in originating and underwriting energy sector
projects – this will help to improve key skills and
understanding of energy investment which would in turn strengthen
implementation of key energy projects.
African
and European governments and business leaders gathered at the summit to map out
an action plan aimed at strengthening cooperation in key areas including
investments, climate change and security where they identified“capacity
building”as an important aspect of the initiative.
The
ATI/EIB investment into Africa's energy sector is
coming at a time when more than half of Africa's
populations do not have access to electricity, leaving them to rely on kerosene
lamps and charcoal stoves.
A
number of private companies and entrepreneurs are now investing more in clean
energy as a viable option for socio-economic development and increased standard
of living for millions in Africa.
Speaking
on the new investment, European Investment Bank Vice President, Pim van
Ballekom said the new cooperation complements the European Investment Bank's
wider commitment to support energy investment, as demonstrated in East Africa
Africa's largest ever investment in the Lake Turkana Wind
Power Project.
After
completing the first phase of the agreement, ATI is expected to become one of
the key partners and members in Africa for the Africa Energy Guarantee Fund
(AEGF), a body created by the EIB in response to the UN Sustainable Energy for
All (SE4All) which aims to enhance access to proper risk mitigation and credit
enhancement tools for energy sector projects in Africa.
From
Ventures Africa
No comments:
Post a Comment