On Monday, US President Barack Obama and the President of the African Development Bank Group (AfDB), Akinwumi Adesina, took a vow to continue their efforts in boosting and expanding the electricity sector across Africa.
This commitment was made while attending a luncheon for heads of state hosted by the United Nations Secretary General.
Since Adesina assumed office earlier this month, his number one priority is to bring all 54 nations online, which will be facilitated through the “New Deal on Energy for Africa”, the Bank said in a statement.
Adesina said: “Africa has today over $82 trillion [ZAR1 quadrillion] in discovered natural resources. We must add value to these resources so the wealth will stay on our continent.”
According Adesina, the value will be created through industrialisation, which is driven by sufficient power resources.
US to boost African power sector
The AfDB added in a statement that the Millennium Challenge Corporation (MCC) chief executive officer, Dana Hyde, had entered into an agreement to launch a second generation of energy focused compacts.
The MCC is a US initiative, which assists in boosting economic growth in developing countries, of which it supports energy developments in African countries such as Ghana, Benin and Liberia.
According to the AfDB, they will assist the MCC during the second phase “by helping more nations achieve eligibility, find ways to break institutional regulatory barriers, and manage risk to help unleash private sector investment.”