Denmark and the African Development Bank (AfDB) will embark on a $57-million fund to help small and medium enterprises (SMEs) in Africa increase energy efficiency. This new fund follows on the heels of the Bank’s announcement that it would introduce more financial tools to help increase the continent’s renewable energy projects (AfDB Scales up Financial Mechanisms).
The new fund, the Sustainable Energy for Africa Fund (SEFA), will help SMEs invest in renewable energy projects over a five-year period.
“It is intended that SEFA becomes a multi-donor fund as soon as additional donors agree to join. SEFA is completely untied and intended for financing projects with special emphasis on sustainable energy in support of the bank’s mandates,” AfDB said.
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