African Finance Corporation invests $250 million in power sector

July 4
10:44 AM 2013

The African Finance Corporation stated today that it will make a $250 million investment into Ghana, Kenya, and Nigeria's power systems. The support is part of the 'Power Africa' campaign initiated by United States president Barack Obama, as announced during his African tour last week.

The investment will be worth US$7 billion ultimately.

Another billion will be invested by the African Finance Corporation in energy projects located in the sub-Saharan region. The AFC mentioned that it will be investing more than a quarter of a billion dollars in the countries mentioned.

Power Africa was an initiative formulated to widen the access to geothermal, wind, and solar energy sources in the continent. The plan states that 10,000 megawatts of power will be supplied by the initiative.

Obama made the announcement last Tuesday in a speech held in Dar es Salaam. "All of us have to feel a sense of urgency. If we are going to electrify Africa, we've got to do it with more speed," Obama said.

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