May 28th 2017

World / East Africa

African Development Bank pledges more funding for energy

The African Development Bank has recommitted itself to an investment programme that will help the continent double its energy output by 2025.

By Shadrack KaviluFriday, 20 May 2016 14:15 EAT

African Development Bank (Photo:www.afdb.org)

The African Development Bank has recommitted itself to an investment programme that will help the continent double its energy output by 2025.

The Bank says it will invest US$12 billion (KSh1.2 trillion) of its own resources in the energy sector in the five years from 2016 and also mobilise funding for energy projects from African and international financiers.

The Bank’s energy strategy hopes to increase Africa’s power output by 160 GW of new capacity by 2025, according to the institution’s president, Akinwumi Adesina.

Speaking at the just-concluded World Economic Forum on Africa in Kigali, Rwanda, Adesina shared the Bank's 10-year roadmap for tackling Africa's huge energy deficit, noting that the strategy would boost the continent's industrial capacity and competitiveness.

Energy is at the top of the Bank's High 5 priorities - Light Up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

The Bank's Jobs for Youth in Africa (JfYA) strategy received commendation for its plan to create 25 million jobs and positively impact 50 million youth over the next decade.

Under the strategy, the Bank will invest US$5 billion which is expected to open opportunities for 50 million young people through skills development and job creation in Agriculture, Industry and ICT.

Ginette Muteta, a manager at the Bank's Human Development department, held several bilateral meetings with potential partners seeking collaboration on youth employment in Africa.

"Given the cross-sectoral nature of job creation for youth, the World Economic Forum 2016 represents a great opportunity to bring together some major stakeholders engaged in creating jobs for youth in Africa," said Muteta.

Collaboration will occur in four main areas: Funding, Incubation and Knowledge Generation, Program Design and Implementation, and Job Linkages.

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