South Africa Gets $300 Million Support From the African Development Bank for Energy Transition and Climate Resilience
The African Development Bank (AfDB) has approved a $300 million facility for South Africa to support its Energy Governance and Climate Resilience Program.
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.
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