Sustainable Energy Fund grant set for seven African countries.
The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank Group will provide a $1 million technical assistance grant to the Green Mobility Facility for Africa (GMFA)
The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank Group will provide a $1 million technical assistance grant to the Green Mobility Facility for Africa (GMFA).
GMFA provides technical assistance and investment capital to accelerate and expand private sector investments in sustainable transport solutions in seven countries: Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, and South Africa.
The SEFA grant will support the creation of an enabling environment for Electric vehicles (EVs), the design of EV business models and guidelines for the public and private sector, the development of a bankable pipeline of e-mobility projects, regional coordination, and knowledge sharing amongst other upstream activities to help catalyze follow-on private sector financing during the subsequent investment phase of the GMFA.
According to Nnenna Nwabufo the Director-General of the Bank’s East Africa Regional Development and Business Delivery Office says mobility is a fundamental lifeline that connects people to critical services, jobs, education, and opportunities. She added that the African Development Bank is committed to building a sustainable and more climate-resilient future by catalyzing private investment in low-carbon solutions. They believe GMFA will have a tremendous impact on the African market by accelerating the shift to green mobility, reducing over 2,175,000 carbon dioxide equivalent tons of greenhouse gas emissions and facilitating the creation of 19,000 full-time jobs.
Also, Clare Akamanzi, Chief Executive Officer of the Rwanda Development Board alluded that the future demand for mobility solutions and vehicle ownership is expected to increase with rapid urbanization, population growth, and economic development. Akamanzi says they are delighted to receive this support from AfDB. Rwanda has been one of the African countries to shift to electric vehicles and among the seven countries to benefit from this support.
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