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Tag: African Development Bank

  • Investment Forum for Access to Energy: the African Development Bank conducts consultations for the implementation of its strategy on mini-grids in the Sahel

    The event also aimed to raise awareness of the Desert to Power initiative and promote strategic investments in solar energy in the Sahel countries.
    ABIDJAN, Côte d’Ivoire, March 30 , 2023/ — On the sidelines of the Energy Access Investment Forum, held in Abidjan from March 21 to 23, 2023, the African Development Bank ( http://www .AfDB.org ) organized two-day consultations with stakeholders in the mini-grid sector in Africa. Objective: to attract the main actors of the sector in order to discuss the strategy of mini-grids that the bank plans to put in place through the Desert to Power taskforce ( https://apo-opa.info/3ZBnD3W ).

    The event also aimed to raise awareness of the Desert to Power initiative and to promote strategic investments in solar energy in the countries of the Sahel as a major contribution to the fight against climate change.

    The first session, which brought together nearly 50 participants including actors from the private and public sectors and then financial partners, made it possible to discuss the bottlenecks in the promotion of mini-grids in the countries of the Sahel. Participants shared best practices and lessons learned from their experiences.

    The second session, which brought together around forty participants, focused on the use of technology platforms to plan, acquire and operate mini-grids and monitor their performance. The results of the two sessions will make it possible to refine and finalize the bank’s intervention strategy in the financing and development of mini-grids in the countries of the Sahel.

    The National Focal Points of the Desert to Power Initiative and the Directors General of Rural Electrification Agencies from Burkina Faso, Mali, Mauritania, Niger and Chad, met with the Desert to Power Taskforce on 20 March 2023, ahead of the two sessions in order to discuss the challenges of deploying mini-grids in the region. This consultation had been requested, during the 3rd ministerial meeting on the Desert to Power Initiative, held in Nouakchott in December 2022. The energy ministers of these five countries wanted more in-depth discussions for an approach that would make the strategy applicable. in each country given the importance of the deployment of mini-grids in achieving universal access to electricity in the region.

    Daniel Schroth, Director of Renewable Energies and Energy Efficiency at the African Development Bank, welcomed the strong mobilization and the active and fruitful participation of the various delegations. He particularly underlined the need to accelerate the deployment of green mini-grids in the Sahel.

    The managing directors of rural electrification agencies welcomed the bank’s initiative, which made it possible to capitalize on various expertise for the development of mini-grids while being based on the specific realities of each country. They expressed their expectations on the final document which they hope will serve as a reference for the deployment of mini-grids in the Sahel countries.

    Distributed by APO Group for African Development Bank Group (AfDB).

    Media contact:
    Xiaomi Ollo HIEN
    Department of Communication and External Relations
    o.hien@afdb.org

    Technical contacts:
    Franklin GBEDEY
    Head of the Renewable Energy Division
    f.gbedey@afdb.org

    About the Desert to Power Initiative:
    Launched in 2019, “Desert to Power” ( https://apo-opa.info/3ZBnD3W ) is a flagship renewable energy and socio-economic development initiative initiated and piloted by the African Development Bank Group . As part of the first strategic priority of the Bank Group’s “High 5s”, the initiative has a great ambition “ to light up and supply electricity “ to eleven countries in the Sahel region by increasing, by 2030, 10 gigawatts of solar generation capacity through public and private, on-grid and off-grid projects. The initiative should thus provide 250 million people with access to electricity throughout the Sahel region, for socio-economic development purposes. It covers 11 countries in the Sahel (Burkina Faso, Djibouti, Eritrea, Ethiopia, Mali, Mauritania, Niger, Nigeria, Senegal, Sudan and Chad), where 64% of the population lives without electricity — with consequences for education, health and business.

    SOURCE
    African Development Bank Group (AfDB)

     

  • African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies
    ABIDJAN, Ivory Coast, March 8, 2023/ — The African Development Bank (http://www.AfDB.org), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched an AUD 50 million 15-year Kangaroo Green Bond due March 2038. The new issuance was arranged by RBC Capital Markets and sold to a single Japanese investor, Taiju Life Insurance Company.

    This is the African Development Bank’s sophomore green bond in the Australian dollar market since the inaugural 15-year Kangaroo green bond was issued in 2016, and marks an extension of the Bank’s existing Kangaroo curve.

    The funds raised through this green bond transaction will support the Bank’s efforts in the areas of climate change mitigation and adaptation. The bond proceeds will finance eligible green projects, including forestry conservation projects, aimed at supporting the transition to green growth in Africa in accordance with the AfDB Green Bond Framework.

    Despite renewed global efforts toward climate change evidenced by the new and ambitious climate targets established at the 27th Conference of the Parties (COP27) through the United Nations Framework Convention on Climate Change (UNFCCC), Africa requires particular attention and a more targeted response.

    Africa, with its unique biodiversity and ecosystems, including savannas, mountains, plateaus, deserts, and its variety of organisms and plants, is threatened by climate change unlike any other region. As a result, the transition to green growth in Africa has become even more important and urgent.

    Japan’s announcement of the “Africa Green Growth Initiative” to promote and attract investments into sustainable green growth in Africa, is ample evidence of its recognition of the need for this transition. The announcement was made at the 8th Tokyo International Conference on African Development (TICAD8) in August 2022.

    In order to promote sustainable development in Africa, the Bank’s Ten-Year Strategy focuses on two overarching objectives: to promote inclusive growth and to support African countries transition to green growth. The Bank has contributed to improving the lives in Africa by providing better access to water, energy and food, enabling sustainable use of natural resources, and promoting innovations, employment and economic growth.

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies, following on from a successful SEK 1.5 billion 5-year Green Bond issued in the Swedish krone market in January.

    Bond Terms Summary:

    Issuer African Development Bank
    Rating Aaa/AAA/AAA/AAA (All Stable)
    Issue Amount AUD 50 million
    Trade Date 22 February 2023
    Settlement Date 8 March 2023
    Maturity Date 8 March 2038
    Coupon 5.000%
    ISIN AU3CB0297273
    Arranger RBC Capital Markets

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).