The African Development Bank (AfDB) has suggested the formation of the Alliance for Green Infrastructure in Africa, an initiative to promote green and sustainable infrastructure investment and development in Africa.
The Alliance, which was formed in collaboration with Africa50, the African Union Commission, and the African Union Development Agency, will promote the continent’s energy transformation while also addressing energy poverty across the continent.
The Alliance for Green Infrastructure in Africa, proposed by AfDB President Dr Akinwumi A. Adesina at the 6th European Union-African Union Summit in Brussels, Belgium, has two strategic objectives: developing and funding a robust pipeline of bankable green infrastructure projects, and catalyzing the financing of green infrastructure projects both quickly and at scale.
The Alliance hopes to fund up to $500 million, largely for project creation and preparation in the early stages, which might result in up to $10 billion in investment potential. The initiative will also provide assistance to project creators from start to finish, including commercial and financial closing.
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