ABN – Norway has announced that it will invest US$50 million into renewable energy development in sub-Saharan Africa.
The announcement was made by the Norwegian Foreign Minister Borge Brende at the Norwegian-African Business Summit.
More than 400 people from both Africa and Norway attended, including the Ghanaian President John Dramani Mahama.
Brende said: "More than 700 million people in Africa lack electricity. The continent needs more investments in renewable energy.
"I am pleased to announce that Norway will contribute to Green Africa Power, a new fund to stimulate private sector investment in renewable energy in sub-Sahara Africa."
Eivind Fjeldstad, managing director of the Norwegian-African Business Association, added that plans to open an office in Nairobi are already underway.
President Mahama emphasised the need for support in Africa to develop the international business community and encourage infrastructure development within the continent.