According to Dr. Akinwunmi Adesina, president of the African Development Bank (AfDB), the bank plans to invest the sum of $12billion to tackle the perennial energy crisis In Africa, Spark reports.
According to him, the bank is investing $12billion in the energy sector on the continent for the next five years to leverage the $45-50billion required for energy development.
While lamenting that about 645 million Africans do not have access to power, Adesina disclosed that the AfDB provided $1.7billion in financing for energy and to help provide electricity for over three million people.
Speaking in Lagos at the launching of two books, Adesina who lamented that the intractable energy crisis has continued to have adverse effects on the continent, said African leaders must do everything within their powers to address the problem. He also noted that AfDB had provided $200million to support the Nigeria Electricity Trader to float bonds to address the challenges in the power sector.