Page 13 - AfrElec Week 26 2021

AfrElec RENEWABLES AfrElec

South Korea to provide $600mn of

energy finance to Africa with AfDB

POLAND SOUTH Korea is to provide $600mn in co-fi- energy,” said Dr. Kevin Kariuki, the African
nancing for energy projects across Africa, with Development Bank’s Vice President for Power,
a particular focus on renewables and regulatory Energy, Climate and Green Growth.
reform. The South Korean Ministry of Economy and
The African Development Bank (AfDB), the Finance stressed that “similar to how the Korean
South Korean Ministry of Economy and Finance Government prioritized the Green New Deal as
and the Export-Import Bank of Korea signed the its latest growth engine in the post COVID-19
Korea-Africa Energy Investment Framework landscape, the Facility is expected to help African
(KAEIF) this week. countries transition to green energy while simul-
The KAEIF build on the signature in May of taneously improving access to energy.”
a General Cooperation Agreement between the KAEIF funds will also support project prepa-
AfDB and the South Korean government. ration, capacity building and knowledge-sharing
The KAEIF has a particular focus on renew- activities through the Korea-Africa Economic
able energy solutions in Africa, including gen- Cooperation (KOAFEC) Trust Fund.
eration, transmission, distribution, off-grid- and South Korea joined the African Development
mini-grid, policy & regulatory reform, energy Fund and the AfDB’s Capital in 1980 and 1982,
efficiency and clean cooking projects. respectively.
“The KAEIF demonstrates the close cooper- In 2013, the Korean government set up KOA-
ation between the African Development Bank FEC as a conduit for contributions to multi-do-
and the Republic of Korea on the development of nor and special funds managed by the Bank.
Africa’s energy sector. KAEIF will provide much South Korea has pledged to be carbon neutral
needed additional funding, to supplement the by 2050, following Japan and China, and looking
Bank’s financing, to support accelerated energy to create new market for its renewable technol-
access and the continent’s just transition to clean ogy in Africa.™

Week 26 01•July•2021 www. NEWSBASE .com P13