{"id":3048,"date":"2019-07-18T12:54:13","date_gmt":"2019-07-18T16:54:13","guid":{"rendered":"https:\/\/africaglobalnews.com\/?p=3048"},"modified":"2019-07-18T12:54:13","modified_gmt":"2019-07-18T16:54:13","slug":"afdb-approves-new-financing-program-for-energy-providers","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/afdb-approves-new-financing-program-for-energy-providers\/","title":{"rendered":"More than 4.5M people in sub-Saharan Africa to benefit from off-grid power as AfDB approves new financing program for energy providers"},"content":{"rendered":"\n<p>The African\nDevelopment Bank Group (AfDB), through its directors, has approved a new\nfinancing program for Distributed Energy Service Companies (DESCOs) which aims\nat benefiting more than 4.5 million people, or an equivalent of at least 900,000\nhouseholds, in the sub-Saharan region. <\/p>\n\n\n\n<p>The new program for energy providers is tailored to promote securitization of financing techniques to deal with the hiccups to accessing finance for DESCOs while, at the same time, seeking to promote not only their growth in the market but their expansion as well into both the existing and new markets. According to AfDB, the new program will also facilitate local currency financing for energy distributors and give them instruments of risk mitigation. <\/p>\n\n\n\n<p>Wale Shonibare, <a href=\"https:\/\/www.afdb.org\/en\">African Development Bank Group<\/a>\u2019s Acting Vice President for Power, Energy, Climate Change, and Green Growth said the Bank will offer essential technical guidance and credit enhancement to DESCOs as well as local financial intermediaries. <\/p>\n\n\n\n<p>&nbsp;\u201cAccelerating access to\nuniversal, affordable, reliable, sustainable and modern energy for underserved\npopulations requires innovative financing solutions. Innovations such as\nreceivables-backed financing structures provided by the program are vital in\nthe Bank\u2019s efforts to unlock private sector participation and local currency\nfinancing for the energy sector,\u201d&nbsp;Wale Shonibare said. <\/p>\n\n\n\n<p>The program will see the actualization of the distribution of\nsolar PV which will provide locals with clean energy and create an estimated\n6,000 new direct job opportunities. <\/p>\n\n\n\n<p>The program is designed to support the Bank\u2019s Financial Sector\nDevelopment Policy and Strategy and Industrialization Strategy Flagship program\nto promote growth of liquid and effective capital markets and supporting\ninnovative financing mechanisms.<\/p>\n\n\n\n<p>The approval of the program follows the approval of a EUR 50 million guarantee facility and a further EUR 6 million technical assistance grant by the <a href=\"https:\/\/ec.europa.eu\/europeaid\/tags\/european-fund-sustainable-development-efsd_en\">European Fund for Sustainable Development<\/a> (EFSD) which is part of the <a href=\"https:\/\/ec.europa.eu\/commission\/eu-external-investment-plan_en\">European External Investment Plan<\/a>. <\/p>\n\n\n\n<p>Recently, the <a href=\"https:\/\/africaglobalnews.com\/mauritius-of-the-afdbs-renovations-at-a-power-station-that-improved-air-quality\/\">African Development Bank facilitated the refurbishment of the old Saint Louis power station in Mauritius<\/a> whose state was wanting. The renovations not only helped reduce the air pollution in and around the power station but also addressed the electricity supply shortages with the aim of turning around things in the country\u2019s largest power generating plant.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The African Development Bank Group (AfDB), through its directors, has approved a new financing program for Distributed Energy Service Companies (DESCOs) which aims at benefiting more than 4.5 million people, or an equivalent of at least 900,000 households, in the sub-Saharan region. The new program for energy providers is tailored to promote securitization of financing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[345,346,347,348],"class_list":{"0":"post-3048","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-afdb","9":"tag-african-development-bank-group","10":"tag-energy","11":"tag-sub-saharan-africa"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AfDB approves new financing 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