At the Finance in Common Summit (FiCS) last week, the Global Energy Alliance for People and Planet (GEAPP) and the Agence Française de Développement (AFD Group) unveiled a strategic collaboration aimed at strengthening local financial institutions that support clean energy access across Africa.

The initiative commences with a 1.3 million US Dollar pilot programme funded by GEAPP. This will be supplemented by AFD’s credit lines, targeting both private financial institutions and Public Development Banks.

The goal is to enhance financing mechanisms that facilitate access to clean energy solutions, which remain a critical component of Africa’s sustainable development agenda.

Speaking to Channel Africa on Monday, GEAPP’s Director for Development, Naomi Wagura emphasised the significance of this initiative in unlocking capital for clean energy projects.

“Local financial institutions play a crucial role in driving energy access, and this partnership with AFD will provide them with the technical assistance needed to scale up sustainable investments,” she stated.

Access to reliable and affordable energy remains a major challenge in many parts of Africa, with millions still dependent on fossil fuels and traditional biomass. By equipping financial institutions with the necessary tools and funding, this initiative aims to bridge the financing gap and accelerate the transition towards clean energy solutions.

--ChannelAfrica--