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Friday, March 24, 2023

    AfDB to Support Transport Projects in Seven Countries

    The African Development Bank (AfDB) has announced the approval of U.S. $1,000,000 in funds to drive an electric mobility shift in seven African countries.

    Development Diaries reports that the bank said its Sustainable Energy Fund for Africa (SEFA) will provide the grant to the Green Mobility Facility for Africa (GMFA).

    The GMFA, it is understood, provides technical assistance and investment capital to accelerate and expand private sector investments in sustainable transport solutions in Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, and South Africa.

    SDG Seven: Ensure access to affordable, reliable, sustainable and modern energy for all

    Data from Statista shows that Africa’s current energy generation mix continues to rely on fossil fuels, while renewable sources account for nearly 18 percent of the electricity output.

    It also revealed that Africa is one of the least electrified regions globally as over half a billion people lack access to electrical energy connections.

    ‘The SEFA grant will support the creation of an enabling environment for electric vehicles (EVs), the design of EV business models and guidelines for the public and private sector’, the bank said in a statement.

    The Director-General of the Bank’s East Africa Regional Development and Business Delivery Office, Nnenna Nwabufo, said mobility is a fundamental lifeline that connects people to critical services, jobs, education, and opportunities.

    ‘The African Development Bank is committed to building a sustainable and more climate-resilient future by catalysing private investment in low-carbon solutions’, she said.

    ‘We believe GMFA will have a tremendous impact on the African market by accelerating the shift to green mobility, reducing over 2,175,000 carbon dioxide equivalent tons of greenhouse gas emissions and facilitating the creation of 19,000 full-time jobs’.

    The Chief Executive Officer of the Rwanda Development Board, Clare Akamanzi, noted that future demand for mobility solutions and vehicle ownership is expected to increase with rapid urbanisation, population growth, and economic development.

    ‘We are delighted to receive this support from AfDB. We see this as a vote of confidence in our efforts to shift to e-mobility solutions and advance Rwanda’s transition to a low-carbon economy’, Akamanzai said.

    SEFA is a multi-donor special fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency.

    Source: AfDB

    Photo source: AfDB

    Chinomso Momoh
    Chinomso Momohhttp://www.impacthouse.org.ng
    Chinomso Thelma Momoh is a Journalist with eight (8) years of experience in media and communications. She possesses a Bachelor of Arts Degree in English and Literary Studies from the University of Nigeria Nsukka and a Post Graduate Diploma in Journalism from the International Institute of Journalism, Abuja. Her skills include News anchoring, News writing/reporting, content producing, media training, and copy editing. Her hobbies include going to the movies, listening to music and visiting new places.

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