AFC to invest $250m into power sectors in Ghana, others under $7b US initiative

Page last updated at Thursday, July 4, 2013 9:09, Source

The Africa Finance Corporation (AFC) has announced that it will invest over $250 million into the power systems in Ghana, Kenya and Nigeria.

The investment forms part of the $7 billion ‘Power Africa’ initiative announced by US President Barack Obama last week in South Africa during his three-nation African tour.

The African-led international financial institution also indicated that it will be catalyzing a further $1 billion in additional investments in sub-Saharan Africa energy projects.

The AFC, in a statement said it “will invest over $250 million in the power sectors of Ghana, Kenya and Nigeria, while catalyzing a further $1 billion in additional investments in sub-Saharan Africa energy projects.”

The ‘Power Africa’ initiative is to increase access to clean, geothermal, hydro, wind and solar energy in Africa and it is expected to generate an additional 10,000 megawatts of power across the continent.