U.S.-Africa summit garners over $17 billion in investment pledges
FACT SHEET: Powering Africa: Increasing Access to Power in Sub-Saharan Africa
- Although the goals set out by Power Africa are continent wide, the U.S. government signed memoranda of understanding (MOU) with the initial six focus countries, which reflect the strong commitment of African governments to engage in policy and regulatory reform.
- The World Bank Group will support Power Africa by committing $5 billion in new technical and financial support, including loans and guarantees, for energy projects in the six initial Power Africa focus countries. This commitment builds on the World Bank's existing $3.3 billion commitment in the six focus countries and its broader commitment to developing the energy sector in sub-Saharan Africa.
- The African Development Bank (AfDB) already announced its support to advance Power Africa as an anchor partner, with an initial commitment of $3 billion. The AfDB has already approved approximately $670 million in support for energy sector operations in the six initial Power Africa countries, and expects to commit an additional $2 billion in support across sub-Saharan Africa over the coming year.
- President Obama welcomed the announcement that the Government of Sweden has committed $1 billion to advance Power Africa, including support for transmission and distribution upgrades, and the development of energy projects in sub-Saharan Africa.
- The U.S. Trade and Development Agency (USTDA) in partnership with the U.S. Department of Energy led the African Leaders’ Visit: Energy to Houston, Texas, where African decision makers met with government and industry leaders who highlighted their experience fostering economic growth through strategic investments energy infrastructure development.
- The Overseas Private Investment Corporation (OPIC) approved up to $250 million in financing to support the development, construction, and operation of a 310 MW wind power project near Lake Turkana, Kenya.
- OPIC also approved up to $50 million in financing for the Azura-Edo power plant, the first independent power producer in Nigeria in 10 years following recent power sector reforms. This project is expected to provide up to 459 MW of much-needed power for Nigeria.
- Under the US-Africa Clean Energy Finance Initiative (ACEF), OPIC is supporting the Participatory Microfinance Group for Africa (“PAMIGA”), a network of 15 rural microfinance institutions to expand micro-lending for solar energy and clean water investments for agricultural and household use.
- Under ACEF, USTDA funded a study for Amahoro Energy to develop a new run-of-the-river hydropower plant and capacity upgrades at five existing plants, to create 11.45 MW of new generation capacity in Rwanda.
- The USADF announced the selection of three awardees through the Liberia Off-Grid Challenge. Each awardee will receive a $100,000 grant for Liberia off-grid projects jointly funded by USADF, GE, and USAID.
- The Department of Commerce led an Energy Trade Mission including 19 U.S. companies to Ghana and Nigeria in May 2014, which resulted in the signing of $175 million in energy sector deals.
- Ex-Im Bank approved a $17 million loan guarantee for BOAD, the West African Development Bank, to support long-term financing for the expansion of the Azito Power project in Cote d’Ivoire which will increase the plant’s installed capacity by 130 MW, from 290 MW to 420 MW, while reducing the carbon intensity per MW.
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