The program aims to promote economic growth, accelerate mitigation and adaptation efforts, and reduce the carbon footprint of the South African economy.
The AfDB loan will be used to support structural reforms aimed at restoring energy security, promoting private sector participation in the electricity market, and improving the operational efficiency of state-owned utility Eskom.
The loan will also support efforts to increase renewable energy production, direct businesses towards low-carbon activities, and improve the financing of green projects.
The AfDB loan is accompanied by a $629,800 grant co-financed by the Climate Insurance Fund.
The grant will support efforts to ensure that affected communities are not left behind, integrate more women into the decision-making process, and help young entrepreneurs, particularly women, to acquire skills and create jobs in the green economy.
In addition to the AfDB, the South African government’s Energy Governance and Climate Resilience Program is funded by the World Bank ($1 billion), Germany ($551 million), and Canada ($91 million).
The AfDB loan is a significant contribution to South Africa’s efforts to transition to a clean energy future and build a more climate-resilient economy.
The program will help to create jobs, reduce pollution, and improve the quality of life for all South Africans.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
South African digital banking leader TymeBank has secured $77.8 million in a pre-Series C funding round.
Cairo-based venture capital firm Sawari Ventures has announced a plan to launch a new $150 million investment fund dedicated to supporting Egyptian startups.
Swedfund, the Swedish development finance institution, and the Danish Investment Fund for Developing Countries (IFU) have joined forces with Sturdee Energy to drive renewable energy expansion in Southern Africa.
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