The board of the African Development Bank (AfDB) approved the conversion of the Sustainable Energy Fund for Africa (SEFA) into a multi-donor trust fund with a wider remit. USAID will become the second anchor donor and make a financial contribution as part of US President Barack Obama’s Power Africa Initiative, while also opening the door for other donors interested in promoting private-sector led investments in small and medium sustainable energy projects. Additionally, the board endorsed a new financing window to support related enabling environment activities.
Kurt Lonsway, acting director of the AfDB’s Energy, Environment and Climate Change Department remarked, "SEFA has already approved $4 million in project development grants, co-sponsored an innovative private equity fund, and facilitated various contacts between renewable energy entrepreneurs and project financiers in Africa."
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