• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

AfDB approves $20m concessional investment for COVID-19

AfDB

The Matters Press by The Matters Press
September 22, 2022
Reading Time: 3 mins read
0
Nigeria gets AfDB’s $14m as member of ATI

AfDB

The Board of Directors of the African Development Bank (AfDB) Group has approved 20 million U.S. dollars concessional investment to support the second phase of the COVID-19 Off-Grid Recovery Platform (CRP).

RELATED POSTS

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

This is contained in a statement issued by Olufemi Terry of Communication and External Relations Department of the AfDB on Thursday.

The CRP is a blended finance initiative to unlock private capital for companies to mitigate the negative impacts of the pandemic.

This would be done to advance access to clean electricity and ensure a green economic recovery.

According to the statement, the Sustainable Energy Fund for Africa (SEFA), a multi-donor fund managed by the bank, will provide seven million dollars in financing for the expansion.

The remaining 13 million dollars would come from the Global Environment Facility (GEF), a multilateral environmental fund.

The second phase would help create an additional 70 million dollars in funding for the energy access sector to cushion the pandemic’s impacts on supply chains and inflation.

It will also reduce the rising cost of capital, and the effects of the conflict in Ukraine.

Alix Graham, Fund Lead of the Off-Grid Energy Access Fund, said the fund was able to offer affordable financing in markets.

“With the SEFA concessional funding under CRP, the Off-Grid Energy Access Fund was able to offer affordable financing solutions in markets.

“Such as Malawi and Sierra Leone that helped companies to reduce the impact of increased currency volatility and rising logistics costs.”

Graham described CRP as a partnership between the development and the private sectors that offer innovative financing solutions without distorting the market or displacing private capital.

The fund is managed by Lion’s Head Global Partners, one of three fund managers which jointly anchored Phase I of the COVID-19 Off-Grid Recovery Platform.

The other two are: Triple Jump and Social Investment Managers and Advisors.

Mark van Doesburgh, Deputy Head of Sustainable Energy, Triple Jump, appreciated the bank’s support to the Sustainable Development Goals (SDGs).

“We appreciate the continuous support provided by the African Development Bank to accelerate progress towards SDG 7.

“The concessional funding provided under CRP phase II comes at a critical moment for early-stage energy access companies that continue to be affected by Covid-19 and allows Energy Entrepreneurs Growth Fund.

“To release flexible financing into the sector at a time when risk-capital is increasingly scarce,” Doesburgh said.

According to the statement, through the CRP partners, energy access firms can acquire a broad range of flexible debt financing solutions on more affordable terms.

To date, over 50 million dollars in soft financing has been approved for 12 energy access companies that are commercialising and deploying solar home systems, mini-grids, and commercial and industrial solar irrigation solutions.

João Duarte Cunha, Manager, Renewable Energy Funds Division in charge of SEFA, AfDB expressed gratitude for the partnership.

“Thanks to this strong partnership, we have been able to mobilise over 140 million dollars of patient capital to mitigate the unprecedented challenges faced by the energy access industry in recent years and to protect progress towards universal access in Africa.”

SEFA is a multi-donor special fund that aims to unlock private sector investments that help to provide universal access to affordable, reliable, sustainable, and modern energy services for all in Africa.

This is in line with the bank’s New Deal on Energy for Africa strategy and SDG 7.

SDG 7 is set to ensure universal access to affordable, reliable and modern energy services by 2030.

Also, the GEF is the largest funder of projects to improve the global environment.

It provides grants for projects related to biodiversity, climate change mitigation, land degradation, chemicals and waste, climate change adaptation and international waters.

Tags: AfDB
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
Next Post
Vulnerable Nigerian farmers to get $1m grant

Women contribute 80 percent to agriculture

Nigeria moves to attain self-sufficiency in maize production by 2022

Maize association to strategise on CBN’s loan recovery

Recommended Stories

FIRS generates N4.2tn in 10 months

FIRS targets N19.4 trn revenue for 2024

February 20, 2024
TinCan Customs generates N274.32bn

Customs commits to reinvigoration of economy

August 1, 2023
$2.7b Ibom Deep Seaport ready soon

Amaechi wants Lekki Deep Seaport commissioned in July

January 23, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us