Renewable energy projects in Africa have a new backer as a facility has been launched in order to ease access to funding for green projects. The Africa Enterprise Challenge Fund (AECF), an investment fund for Alliance for a Green Revolution in Africa (Agra), will hold a competition across East Africa for a grant ranging from Sh20,000 to Sh120 million given at a 0.0% interest rate to be repaid in six years.
The project is funded by United Kingdom’s overseas development agency, DfID, for up to Sh1.2 billion and managed by KPMG Development Advisory Services. All for-profit companies in the East Africa region are encouraged to apply beginning November 1 with the deadline January 31, 2011.
Head of DfID Kenya and Somalia Program Alistair Fernie said, “In five years’ time, we expect 300,000 rural households, 200,000 small-scale farmers, and 50,000 small and medium-sized enterprises to benefit from renewable energy generated through innovations brought about by this new fund.”
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