AfDB’s US$ 3.5 billion project approvals
By Helen Wright26 July 2012
The African Development Bank (AfDB) awarded loans and grants totalling US$ 3.5 billion for 52 projects in the first six months of the year.
Infrastructure projects accounted for the bulk of financing approvals. AfDB said the largest project approval so far this year had been an integrated wind/hydro and rural electrification programme in Morocco, funded by an AfDB loan of US$ 435 million and a further loan of US$ 125 million from the Bank's Climate Investment Funds (CIF).
Another major infrastructure project approval in Morocco during 2012 was the first phase of the 500 MW Ouarzazate Solar Power Station project, funded by a loan of US$ 204 million from the Bank and a CIF loan of US$ 100 million.
In Tanzania, meanwhile, the AfDB approved a US$ 217 million loan to support road building projects, and in Kenya the Bank announced plans to finance US$ 336 million for clean energy and road infrastructure development.
The public sector has accounted for US$ 956 million of the Bank's approvals so far this year, while private sector approvals from the AfDB totalled US$ 638 million.
The news comes after AfDB announced plans in June to commit US$ 1 billion a year to the continent's energy sector.