World Bank president Robert Zoellick paid a vist to Uganda, Rwanda, and the Democratic Republic of Congo (DRC) in an effort to encourage investors to take advantage of investment opportunities. Energy and transportation were two areas that Zoellick focused on as businesses in the areas rely heavily on costly, carbon-emitting generators although fuel to power them is a difficult commodity to sometimes attain in the region.
Sub-Saharan low-income areas trail the world in basic infrastructure projects, although Zoellick noted that Africa has the greatest potential for renewable energy resource development and small-scale power installations like micro-hydro schemes or rooftop solar panels are ideal for the continent.
Africa’s solutions are regional, not national – a message that is as important to the World Bank as it is to investors. The World Bank has made ample investment into Africa’s RE sectors. In July, the organization signed an agreement with Tunisia to infuse $150 million for an energy efficiency project. It also partnered with the African Development Bank to set up shop in the Central African Republic to further economic development and infrastructure by incorporating RE methods. Also on board for recent transactions have been Nigeria (World Bank Hands Nigeria $150M) and Egypt (World Bank Tenders Cash to Egypt for RE).