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Ethiopian bank offers US$20 million for renewable energy projects

The focus of projects to be funded will be to establish stable electricity distribution across Ethiopia. (Image source: Accretion Disc/Flickr)

The Development Bank of Ethiopia will offer up to US$20mn to private companies in an attempt to accelerate development of renewable energy and energy efficient products

According to a report in Ethiopian daily Addis Fortune, the funds will be drawn from money granted to the country by the World Bank in May 2012, with a total of US$40mn having been allotted to renewable energy development projects initiated in the private sector.

The bank has been engaged in discussions with interested parties and has revealed plans to release the funds in a course of five months. The bank has also been collaborating with the World Bank in order to finalise conditions, such as interest levels, for the provision of funding to private companies.

Addis Fortune also reported that depending on the success of initial projects implemented by the private-sector players, a further US$20mn may be distributed to private companies.

The World Bank and Ethiopia’s Ministry of Finance and Economic Development finalised a funding agreement last year. 

The focus of projects to be funded will be to establish stable electricity distribution across Ethiopia.

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