The board of directors of the African Development Bank (AfDB) Group has approved $20 million concessional investment to support the second phase of the COVID-19 off-grid Recovery Platform (CRP).
This is contained in a statement issued by Olufemi Terry of Communication and External Relations Department of the AfDB on yesterday.
The CRP is a blended finance initiative to unlock private capital for companies to mitigate the negative impacts of the pandemic.
This would be done to advance access to clean electricity and ensure a green economic recovery.
According to the statement, the Sustainable Energy Fund for Africa (SEFA), a multi-donor fund managed by the bank, will provide seven million dollars in financing for the expansion.
The remaining 13 million dollars would come from the Global Environment Facility (GEF), a multilateral environmental fund.
The second phase would help create an additional 70 million dollars in funding for the energy access sector to cushion the…