New technology and blended finance will help to bridge the \u2018last mile\u2019 of the infrastructure gap by getting goods and services to end users and connecting underserved populations to business value chains,<\/p>\n
That is according to the African Development Bank during a session at the Global Infrastructure Forum 2018.<\/p>\n
Wale Shonibare, African Development Bank\u2019s Director for Energy Financial Solutions, Policy and Regulation, said the bank\u2019s commitment to connect millions of households under its\u00a0\u2018New Deal on Energy for Africa\u2019 –\u00a0a core component of its \u2018Light Up Africa High 5\u2019 development priorities – required flexibility and innovation from both a technology and financial perspective.<\/p>\n
\u201cWe are looking to connect 200 million households to electricity \u2013 75 million of those will be off-grid,\u201d said Shonibare.<\/p>\n
\u201cConventional grids cost, on average, US$2,500 per connection in rural communities, whereas mini grids cost between US$500-1,00 per connection.\u201d<\/p>\n
In Ivory Coast, the bank\u2019s approval of a credit guarantee covering part of a guaranteed loan facility to\u00a0Zola EDF C\u00f4te d’Ivoire (ZECI), a 50\/50 joint venture between Off-Grid Electric (OGE) and EDF, paved the way for them to provide access to around 100,000 rural households with pay-as-you-go solar home systems by 2020. This operation is the first large-scale local currency financing structure using the securitisation technique for the off-grid renewable energy sector in Africa.<\/p>\n
Energy projects in Rwanda and Nigeria, which had obtained bank approval, were additional examples of the bank partnering with the private sector to bring service to end users in innovative ways.<\/p>\n
Given the remarkable improvements in the field, Shonibare said there was no doubt as to the role technology could play in the \u2018Light Up\u2019 drive and other key aspects of the bank\u2019s development agenda. Smart technologies, creative financing models could facilitate business and inclusiveness, improving livelihoods across the continent.<\/p>\n
\u201cWe have to look for more ways of scaling up access,\u201d said Shonibare.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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