Green Climate Fund invests US$150m in AfDB’s Desert to Power initiative

AFRICA – The African Development Bank (AfDB) has welcomed US$150 million investment in its Desert to Power G5 Financing Facility from the Green Climate Fund (GCF). The GCF approved the amount at its 30th Board meeting. Desert-to-Power is a flagship renewable energy and economic development initiative led by the African Development Bank whose objective is to light up and power the Sahel region by building an electricity generation capacity of 10 gigawatts through photovoltaic solar systems via public, private, grid and off-grid projects by 2030 The objective of the umbrella Desert…

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October Dry Port Company secures US$29m loan from EBRD for first inland dry port in Egypt

EGYPT – The European Bank for Reconstruction and Development (EBRD), is set to provide a €25 million (US$29.44m) loan to October Dry Port Company for the construction of the first inland dry port in Egypt, in 6th of October City, west of Cairo. October Dry Port Company is a special-purpose vehicle established by a consortium of El Sewedy Electric, Schenker Egypt and SLP Logistics. The development and construction of the 6th of October Dry Port is the first public-private partnership (PPP) project in the sector and the first under the…

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Green Climate Fund approves US$170.9m in co-financing for AfDB’s Leveraging Energy Access Finance Framework program

AFRICA – The Board of the Green Climate Fund (GCF) has approved US$170.9 million in financing for the African Development Bank’s Leveraging Energy Access Finance Framework (LEAF) program which aims to unlock commercial and local-currency financing for decentralized renewable energy (DRE)  projects in six program countries: Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia. The Green Climate Fund’s financing is part of an overall US$900 million program budget whose objective is to scale up the roll-out of mini-grids, solar home systems, and commercial and industrial solar solutions in the program countries. Tony Clamp,…

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EBRD approves US$497m additional funding for the next face of its Green Climate Fund

AFRICA – The European Bank for Reconstruction and Development (EBRD) has announced the approval of additional funding for the next phase of its successful large-scale partnership with the Green Climate Fund (GCF). The US$497 million fund will support thousands of individual investments in technologies that reduce emissions and enhance resilience to climate change. The new extension will help maintain momentum and continue scaling up gender-responsive green financing. It is estimated that the latest extension will avoid CO2 emissions of 800,000 tonnes per year, which is equivalent to retiring 125 MW…

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