Germany commits € 100 million in SEFA to unlock private investment in renewable energy
In an announcement made to the United Nations High Level Dialogue on Energy, the German government has contributed 100 million euros to African development bank‘s Sustainable Energy Fund for Africa. The funds are intended to harness the continent’s renewable energy potential, driving the transition to clean energy sources.
The funds target SEFA priority areas and work to unlock private sector investment in green projects. Particular attention will be given to technical assistance and investments in the production, transmission and distribution of electricity while increasing the penetration of renewable energy on African grids.
Funding is part of the G-20 Pact with Africa unveiled during the German Presidency of the G-20. This further promotes macroeconomic, trade and financial reforms, attracting more private investment across Africa.
SEFA is a special multi-donor fund that aims to unlock private sector investments contributing to universal access to affordable, reliable and sustainable energy sources across Africa. SEFA also received contributions from Denmark, Italy, Germany, Spain, Sweden, Norway, Nordic Development Fund, USA and UK.