AfDB Spends U.S.$1Billion On Energy Projects

Posted on : Saturday , 26th December 2015

The African Development Bank (AfDB) says it had devoted at least $1 billion to finance power and infrastructure projects in Africa this year alone.

In October, the AfDB availed $428,43 million in loans and grants to finance projects in energy, infrastructure, transport and water and sanitation in eight African counties namely Zimbabwe, Guinea Bissau, Guinea, Senegal, Gambia and Côte d'Ivoire, Ghana and Tanzania.

Of these funds, Zimbabwe received a grant of $16,5 million to finance the second phase of the Urgent Water Supply and Sanitation Rehabilitation Project (UWSSRP) being implemented under the auspices of the Zim-Fund.

Zim-Fund, established in 2010, is a multi-donor trust fund created to support priority recovery activities of the Government of Zimbabwe and is managed by the AfDB on behalf of the parties involved.

The key priority areas of the Zim-Fund are infrastructure investments in water and sanitation, and energy.

In a statement, the Bank said it would continue mobilising financial resources to support Africa's industrialisation agenda.

"We are very pleased to announce this achievement by the bank group, with other key sponsors," the bank said.

Some of the projects funded by the AfDB include construction of the Nacala Rail and Port Project in Mozambique, the construction of a 912km of railway and associated port infrastructure of Nacala e-Velha running through Malawi.

"The bank's support of the Nacala Corridor is long-standing, having financed regional road infrastructure from Lusaka in Zambia to Nacala in Mozambique, also integrating Malawi. The Project is thus complementary to previous bank's investments."

Source : allafrica.com

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