Africa gets $843m funds to develop wind energy
IFC head of InfraVentures for Sub-Saharan Africa David Donaldson confirmed the reports and said wind energy and renewable energy in general are priority areas identified in the World Bank Group’s strategy.
IFC and Gaia Energy teamed up to create a joint platform for the growth of wind energy across Africa. The funding has been provided to develop a joint platform of 22 pipelines across nine countries in North, West and East Africa. The pipeline, originally developed by Gaia, will then be enlarged to other countries.
“Wind energy and renewable energy in general are priority areas identified in the World Bank Group’s strategy to advance climate solutions. The projects were in countries with strong wind potential.” said David.
Wind energy and renewable energy in Africa
Close to US $843m of foreign investment from Western powers and the Middle East will be used to support the projects in renewable sector. The partnership is a key step in expanding our business in the countries where we are present, and hopefully beyond,” Moundir Zniber, Founder and President of Gaia explained.
Additionally, the African energy sector garnered international support in September with the United Nations Development Programme (UNDP) and Italian oil and gas company Eni forming a partnership aimed at improving access to sustainable energy in Africa.