Johannesburg, South Africa — ESI-AFRICA.COM — 30 March 2011 – The African Development Bank (AfDB) has established a US$57 million fund for renewable energy projects across the continent, the bank’s chief sector specialist has revealed.
Reuters reports from here that the Denmark-backed Sustainable Energy Fund for Africa joins two other similar green energy funds in the region worth US$6 billion,, which are being run by the AfDB and twelve non-African donor countries.
“It is a clean investment in only clean renewables,” AfDB chief renewable energy specialist Youseff Arfaoui told Reuters on the sidelines of an African power conference here.
Arfaoui said the AfDB expected to take the loan to its board for approval in May. No recipient countries had been chosen yet as the fund was not expected to be in full operation before June, he added.