African Development Bank Seeks $55 Billion for Energy
- New Deal for Energy in Africa is new president's first program
- About 620 million Africans live without grid electricity
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African Development Bank President Akinwumi Adesina, who took over this month, said he’s aiming to eliminate Africa’s energy deficit by 2025 by mobilizing $55 billion of investment.
Termed the “New Deal for Energy in Africa,” the continent’s largest development bank said the plan will significantly raise its support for energy projects and that its partners should also scale up efforts. The proposal also called for African countries to increase financing for the development of the energy industry.