The AfDB has allocated $12 billion to fund energy projects in Africa to 2025. These funds, which will go mainly to renewable energy projects, will contribute to the reduction of the continent’s energy deficit, according to Mohammed el Azizi, the managing director of the bank for North Africa
These investments are part of the New Energy Pact for Africa set up by the financial institution in 2015. More than 645 million people, or two-thirds of the continent’s population, have no access to energy.
The AfDB’s objective is to facilitate access to energy for 130 million people and organizations by 2025 through national electricity grids; which would multiply by 1.6 the rate of electrification of the region. An additional 75 million people will also have access to electricity through off-grid electrical systems.