20 November 2008 – A proposal for US$30 million for the African energy infrastructure programme (IFSA) has been approved by the Board of Directors of the African Development Bank.
The fund offers an opportunity for continued efforts to bolster energy infrastructure, while encouraging private sector participation. Based in Mauritius, the fun will invest in energy and energy infrastructure, predominantly within sub-Saharan Africa. It is the first dedicated electricity and energy fund in Africa.
The goal of IFSA is to raise US$500 million by 2015 and aims to increase generation capacity by 530MW and will focus on projects driven the the private sector. This policy is in ine with national and regional priorities to ensure secure supply of safe and cost effective electricity for domestic, industrial and commercial purposes. Increase energy production will in turn imporve industrial out and GDP, and thereby investment climates, livelihoods and quality of life for local peoples.