AfDB

Joint green efforts by Africa, China key to growth

Joint green efforts by Africa, China key to growth

Africa's vast potential for renewable energy, combined with China's technological expertise and investment capacity, presents a unique opportunity for mutual economic growth, experts say. This collaboration can drive sustainable development, alleviate energy poverty and stimulate economic activities across the African continent, they said. Speaking during the African Development Bank Group's annual meeting in Kenya's capital Nairobi, which concluded recently, Kevin Kariuki, the bank's vice-president for power, energy, climate and green growth, said the continent needs to tap into renewable energy for industrial growth. "I believe that by investing in Africa's renewable energy infrastructure, China can help build large-scale solar farms,…
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AfDB and Infrastructure Credit Guarantee sign $15 million agreement to enhance infrastructure financing in Nigeria

AfDB and Infrastructure Credit Guarantee sign $15 million agreement to enhance infrastructure financing in Nigeria

The African Development Bank and Infrastructure Credit Guarantee Company Limited (InfraCredit) have signed an agreement for a $15 million subordinated loan facility to strengthen InfraCredit's capital base and attract institutional investors’ resources to help close Nigeria's infrastructure financing gap. Lamin Barrow, Director General of the African Development Bank's Nigeria Country Department, and Chinua Azubike, CEO of InfraCredit, signed the agreement in Lagos on 14 June 2024. The facility will boost InfraCredit’s efforts to unlock additional long-term local currency financing through the capital markets for infrastructure projects, primarily by leveraging pools of capital from pension funds and other institutional investors in…
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