The Africa Finance Corporation has announced in Lagos its plan to invest over $250m in the power sector of Ghana, Kenya and Nigeria over the next five years as a key partner in the United States Presidential Power Africa initiative.
A statement from the institution on Wednesday quoted the Chief Executive Officer, AFC, Mr. Andrew Alli, as stating this during a roundtable hosted by President Barack Obama in Dares Salaam, Tanzania.
Alli emphasised the importance of the Power Africa Initiative to the economic growth of Africa with its numerous benefits.
He said, “The International Energy Agency has reported that sub-Saharan Africa will require more than $300bn in investment to achieve universal access to electricity by 2030. AFC will provide additional investments in energy projects, far in excess of its commitment to the Power Africa initiative.
“AFC aims to provide Power Africa not only access to financial deal structuring and sector technical expertise, but also advisory services, project development capacity, funding to bridge the power infrastructure investment and access deficit, a critical pillar for economic growth across Africa.”
The President Obama Power Africa Initiative, coordinated by USAID, is a multi-stakeholder partnership involving the United States government, the US Agency for International Development; the Overseas Private Investment Corporation; the US Export-Import Bank; the Millennium Challenge Corporation; US Trade and Development Agency; US – Africa Clean Energy Finance Initiative; the US African Development Foundation, and the governments of Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania (Power Africa countries) and the private sector.