CompaniesEU Bank Announces New Financing to Strengthen Access to Energy in Africa

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26 Mar

EU Bank Announces New Financing to Strengthen Access to Energy in Africa

Abidjan – Vice-President of the European Investment Bank (EIB – the EU bank) Ambroise Fayolle announced, Monday, the signature of USD 25m in financing with d.light design to strengthen access to energy in Africa via solar kits, said the Bank in a statement.

This EU financing will enable d.light design to develop the installation of solar kits – including not only panels and lamps but also low-energy equipment (radios, TVs, etc.) – in sub-Saharan Africa with the ambitious goal of reaching 10 million solar installations within five years, added the same source.

“I am delighted that the EIB has signed this new financing with d.light in Africa for an off-grid solar project that will have a major economic and social impact on people and micro-entrepreneurs,” said Fayolle.

“The EU bank is determined to implement the Paris climate agreement and to cooperate to achieve the sustainable development goals, particularly when it comes to ensuring access to affordable, reliable and sustainable energy for all. With its unique technical and financial expertise in the support of solar projects, the EIB will mobilise new investments to develop renewable energies in Africa,” he stressed.

The installation of these off-grid solar systems with d.light will initially take place in Ethiopia, Kenya, Nigeria, Tanzania and Uganda.

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States, and is the largest international public sector bank in the world. It provides long-term finance in support of quality projects to contribute to the achievement of the EU’s key objectives.

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