ABN – The African Development Bank (AfDB) has announced that the continent will require as much as US$60 billion to fund power sources over the next 25 years.
Over 620 million people are thought to be lacking access to a decent energy supply in Africa.
The bank has already committed more than $13 billion towards the cause over the last two decades.
Solomon Asamoah, AfDB’s vice president in charge of Infrastructure, Private Sector and Regional Integration, said: “Over 30 African countries now face regular power shortages while access to electricity in the sub-Saharan region stands at between 15% and 40%.
“The continent has significant share of the world’s renewable energy sources, of which only a fraction is under development.
“Africa has the potential to leapfrog over carbon‑intensive technologies and meet most of its future energy needs from renewable sources, putting it firmly on the path to green and inclusive growth.”