Home / Africa/International / Energy is field of opportunity in Africa – AfDB

Energy is field of opportunity in Africa – AfDB

Share this with more people!

AfDBThe African Development Bank (AfDB) has launched its first “Development Effectiveness Review,” report focusing on the energy sector at its headquarters in Abidjan.

The event was attended by development partners including United Nations Development Programme, United Nations Industrial Development Organisation, West African Development Bank, and the Association of African Development Finance Institutions (AADFI), and was made available to the Ghana News Agency.

The report, which was made available to the Ghana News Agency, examined the bank’s contribution to building sustainable energy infrastructure on the continent between 2009 and 2013.

It reviewed how effectively AfDB managed its energy operations and how efficient it is doing so.

Mr Solomon Asamoah, Vice-President of Operations in-charge of Infrastructure, Private Sector and Regional Integration, declared in the report that energy was a field of opportunity for Africa.

He said: “The continent has significant share of the world’s renewable energy sources, of which only a fraction is under development. Africa has the potential to leapfrog over carbon-intensive technologies and meet most of its future energy needs from renewable sources, putting it firmly on the path to green and inclusive growth.”

Mr Alex Rugamba, Director of Energy, Environment and Climate Change of the AfDB, said the new focus area of the bank in the energy sector, would include increasing and diversifying energy generating capacity, reinforcing transmission and distribution networks and promoting decentralised energy solutions.

He enumerated the programme of action to include developing regional energy markets, increasing shares of renewable energy, intervening at the sector level and supporting countries in the development of their action plans for the United Nations Sustainable Energy for All (SE4ALL) initiative.

Mr Steve Kayizzi-Mugerwa, AfDB’s Chief Economist and Vice-President, was quoted in the report as saying that “very little thought is put into development of maintenance capacities. This issue is key to creating jobs for young engineers.”

Mr Moono Mupotola, Division Manager, Regional Integration and Trade of the AfDB, called for measures to increase Africa’s energy production to become more competitive on the global market

Source: GNA

Share this with more people!

Check Also

2022 West Africa Development Outlook proposes increased sub-regional trade, structural transformation

The ECOWAS Bank for Investment and Development (EBID) has officially released the 2022 edition of …