AfDB Seeks Currency Fix to Unlock Funding for Africa Electricity
- Africa Guarantee Fund is seeking to mobilize $5 billion
- AfDB working with World Bank, other partners on Mission 300
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The African Development Bank is developing mechanisms to increase access to local-currency debt that the continent needs to underpin a new drive to bring electricity to 300 million people by 2030, according to the lender’s head, Akinwumi Adesina.
The program, which Adesina unveiled alongside World Bank President Ajay Banga at a conference in Dar es Salaam in Tanzania this week, envisages tens of billions of dollars of investments in energy projects being rolled out across the continent.