African Development Bank (AfDB) on Thursday announced an equity investment of 15 million U.S. dollars in the Eastern and Southern African Trade and Development Bank (TDB) to fund clean energy in a bid to curb emissions in Africa.
Kevin Kariuki, vice president for power, energy, climate, and green growth at the AfDB, said the funding will support the establishment of a project preparation facility to boost investment in renewable energy technologies.
“The funds will enable TDB to scale up low-carbon technologies with significant potential for long-term greenhouse gas emissions savings,” Kariuki said in a statement.
Admassu Tadesse, president of TDB Group, noted that the new equity supports TDB’s green growth and climate action agenda as well as its efforts to help member states in Africa mobilize domestic funding for climate change mitigation and adaptation.
XINHUA