The International Energy Agency announced today that the entire region of sub-Sahara in Africa is in dire need of US$300 billion worth of investments if plans of universal electricity access will be pushed through.
The announcement was made by Andrew Alli,the President and Chief Executive Officer of Africa Finance Corporation, in a ceremony commemorating the AFC's agreement with United States President Barack Obama's Power Africa initiative.
The AFC and investment bank Standard Chartered will be spending US$2 billion to fund electricity related projects in several African nations such as Ghana, Kenya, Nigeria, Ethiopia, Liberia, and Tanzania.
"The key goal of the Power Africa Initiative is to increase access to clean geo-thermal, hydro, wind and solar energy. It will help African countries develop newly-discovered resources responsibly, build out power generation and transmission, and expand the reach of mini-grid and off-grid solutions, by providing the capacity and resources to generate an additional 10,000 MW of power," said the finance corporation in a statement released in Lagos, Nigeria.
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