Innovative Financing to Bring Power to 4.5m People in Sub-Saharan Africa

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The African Development Bank Group (AfDB) has recently approved an innovative financing programme for Distributed Energy Service Companies (DESCOs).

The DESCOs Financing Programme would commit to see 4.5 million people in sub-Saharan Africa gain access to solar power by 2025. It will secure financing techniques to address barriers to accessing finance for DESCOs.

The programme will also support the growth and expansion of DESCOs into existing and new markets.

According to Wale Shonibare, the bank's acting vice-president for power, energy, climate change, and green growth, the AfDB will provide technical guidance and credit enhancement to DESCOs and local financial intermediaries.

The design of the programme supports the Bank's Financial Sector Development Policy and Strategy and Industrialisation Strategy Flagship programme to grow liquid and effective capital and support innovative financing solutions.

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