After days of consultative meetings at the Washington DC for the USA-African Summit, African leaders went back home with something to smile about. Both the World Bank and the US seek to make deliberate efforts towards achieving 10,000MW in the Power Africa initiative.
The World Bank committed $5 billion in new technical and financial support for energy projects in Kenya, Tanzania, Ethiopia, Ghana, Liberia and Nigeria.
Citi Bank committed $2.5 billion incremental capital to improve access to electricity for people in Africa as part of Obama’s Power Africa initiative.
Dangote Group who is set to set-up a cement factory in the country signed an agreement to jointly invest $5 billion in energy projects in sub-Saharan Africa.
Hosting nation’s government, USA committed more than $7 billion in financial support and loan guarantees to the Power Africa initiative in the next five years.
Though not new in the land of Kenya, General Electric’s (GE) announced a $2 billion investment toward infrastructure, training and supply-chain development.
$300 billion is the price tag on Africa’s power projects that need funding.
Extracts from The East African