African Development Bank Wins Africa Energy Award
Tunis, Tunisia, 25 April 2011 - The African Development Bank (AfBD) has won the “Best Financial Support in the Power Sector” award presented by Terrapinn* in South Africa. The award recognized the Bank’s range of exceptional financial services for the development of projects. The awards were announced during the Power and Electricity World Africa 2011 conference, which took place in Cape Town from March 28 through April 1.
The AfDB was one of several financial institutions vying for the awards, which are seen as standards of industry excellence. AfDB Chief Renewable Energy Specialist, Youssef Arfoui, accepted the award on behalf of the Bank. “The AfDB is honored to receive this award. We have worked hard to expand our financial services to promote clean energy for all Africans,” he said.
The Bank offers an array of financial services to help developers bring their ventures up to a level where they can attract additional financing and support. These services help cover the first phases of project preparation, allowing developers to demonstrate the viability of their projects and off-setting some of the risk for private investors.
Among these services are the Climate Investment Funds, which include the Clean Technology Fund and the Scaling up Renewable Energy Program for low-income countries. The AfDB also funds joint programs with the Global Environmental Facility, such as the Greening the Tea Industry in East Africa and Cogen for Africa, a pioneer regional program in eastern and southern Africa involved in sugar production and other agro-industries.
Other unique services include the new Seed Capital Assistance Facility, operating in Africa and Asia to provide seed financing for ventures that are still too small and risky to attract commercial investors, and the Sustainable Energy Fund for Africa, a Danish fund managed by the Bank to create jobs through producing and distributing climate-friendly energy .
*Terrapinn is a business media company