AfDB secures nearly $90m in new donor funds to transform SEFA
The African Development Bank has announced $90 million in new donor commitments for the Sustainable Energy Fund for Africa during a launch at which SEFA’s transformation into a Special Fund was also unveiled.
Denmark, SEFA’s founding partner and first donor, also unveiled DKK65 million ($10.65 million) in fresh commitments. Germany extended €50 million ($60.97 million) to support SEFA’s green baseload activities, which aim to promote more sustainable baseload power generation options and prevent countries from locking themselves into environmentally damaging and potentially economically costly technologies.
Other significant funding came from the Swedish International Development Cooperation Agency, which has committed SEK75 million ($8.98 million). The governments of the United States and the United Kingdom also affirmed their continued support for SEFA.
SEFA, managed by the AfDB, is a special fund providing catalytic finance for renewable energy, with the goal of contributing to universal access to affordable, reliable, sustainable, and modern energy services for all Africans. The Fund was established in 2011 in partnership with the Danish government. The governments of the United States, United Kingdom, Italy, Norway, Spain, Sweden, and most recently Germany and the Nordic Development Fund are donors.
