ENP Newswire -
Release date- 23052014 - The
The remarks were made during the 'Power Africa Roundtable' on
This goal will be achieved by unlocking the substantial wind, solar, hydropower, natural gas, and geothermal resources in the region to enhance energy security, decrease poverty and advance economic growth.
'As part of our journey to implement the Power Africa initiative, AfDB has just approved a major policy-based operation to support
'We are also supporting utilities in becoming more bankable so that independent power producers become confident, for example in
He noted that as part of the Bank's Regional Integration Agenda, AfDB is supporting the regional power pools and investments in cross-border infrastructure, particularly transmission lines.
'There are a number of facilities we host at the Bank some of which are aimed at supporting project preparations - for instance the
'We also have NEPAD infrastructure project preparation facility, which is aimed at preparing transformational regional projects. The Bank will be involved in some of the complex continental initiatives - for instance hydropower projects in the
Rugamba stated that the Bank also hosts the Africa Hub for Sustainable Energy for All and a number of initiatives that leverage private financing.
'The primary challenge is often related to national regulatory and legal policies which too often include subsidised tariffs, weak collection and restricted investment regimes,' she said.
'A history of economic instability can compound the challenges which can lead to large currency fluctuations and increased risks of nonpayment by state-owned utilities. It's important that there be a strong foundation for power investment.'
Tarno noted that her company is engaging in power generation in
She emphasised strong power economic management, having good regulatory frameworks and welcoming investment regimes as paramount in accelerating power investment projects on the continent.
'Investors might still need a credit-worthy government, and multilateral development banks willing to provide support to accelerate investments in the energy sector,' she added.
'To accelerate the process are looking at a situation where off-takers are participating in power generation. For instance, we are seeing a lot of progress on generation signing deals, and it's because we are facing a higher private sector involvement in generation.'
Diop noted good progress has been made in interconnection in sub regions, for instance in
'What we are doing with AfDB is identifying missing links in energy transmission especially in fragile states where there are still huge power deficits and boost their capacity to close the energy gap.'
The AfDB expects to allocate as much as US
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