Nigeria received $250 million worth of endorsements from the Clean Technology Fund to back up efforts to pursue sustainable transport and renewable activities. The Clean Technology Fund is one of the two Climate Investment Funds that focus on financing renewable energy and carbon-reducing technologies as well as energy-efficient transport, buildings and industry systems.
Meanwhile, Niger obtained $110 million in grants and highly concessional loans under the Pilot Program for Climate Resilience to support climate resilience and food security programs.
However, both renewable energy plans are yet to be implemented until sufficient funds are available, said Hela Cheikhrouhou, the bank’s manager of infrastructure finance division. She said that the endorsement, particularly in Nigeria, is important for the bank to start mobilizing funds for climate change efforts.
“Nigeria’s plan holds a dual promise, both for long-awaited and badly-needed energy access and for reshaping the global clean energy map with Africa in the lead,” Ms. Cheikhrouhou remarked.
The government intends to reform its energy and power sector, including water and sanitation.
The national energy reform program will serve as a backbone to the government’s effort in providing access to affordable and reliable electricity supply to all Nigerians, sustain non-oil growth, alleviate poverty and create jobs.
The Climate Investment Funds, worth $6.3 billion, are channelled through multilateral development banks such as the African Development Bank, Asian Development Bank, the European Bank for Reconstruction and Development and Inter-American Development Bank Group.
The African Development Bank also partnered with the World Bank to support the ambitious wind power and concentrated solar power project that required an additional $850 million to be mobilized from other several financiers.
In addition, the bank is helping other African countries such as Ethiopia, Kenya, and Mali to develop and implement investment plans under the C.I.F.’s renewable energy program for developing countries.
Meanwhile, Burkina Faso, the Democratic Republic of Congo, and Ghana plan to avail of the C.I.F.’s Forest Investment Program.
