Development Bank creates $57m renewable energy fund
Wednesday, 30 March 2011 |   |  0 comment

Image by Hans Splinter

The African Development Bank (AfDB) has established a $57 million fund for renewable energy projects across the continent, the bank's chief sector specialist said on Tuesday.

The Denmark-backed Sustainable Energy Fund for Africa joins two other similar green energy funds in the region worth $6 billion, being run by the AfDB and 12 non-African donor countries.

"It is a clean investment... in only clean renewables," Youseff Arfaoui, the bank's chief renewable energy specialist, told Reuters on the sidelines of an African power conference in South Africa's commercial capital.

Mr. Arfaoui said the AfDB is expected to take the loan to its board for approval in May.