Business
AfDB Gets $20m Investment For Energy Inclusion
African Development Bank (AfDB) says it has received $20m investment from the Clean Technology Fund for the Facility for Energy Inclusion.
The bank, in a statement last Wednesday, said the Facility for Energy Inclusion was sponsored by the AfDB to provide sustainable financing for small-scale renewables in Africa.
According to the bank, “FEI is a $500m financing platform whose objective is to catalyse financial support for innovative energy access solutions
“FEI on-grid, a targeted $400m fund, supports improved energy access through the development of small-scale renewable energy generation and mini-grids across Africa, while the Off-Grid Energy Access Fund, a targeted $100m fund, supports off-grid energy distribution companies and boosts their long-term capacity to access capital markets at scale”.
AfDB said the CTF investment was composed of a $4m junior equity tranche and a $16m senior concessional loan.
It said the $20m investment would be drawn from the Dedicated Private Sector Program III, which was designed to provide risk-appropriate capital to finance high-impact , large-scale private sector projects in clean technologies.
The Director of Climate Change and Green Growth , AfDB , Mr Anthony Nyong, said the funds would contribute to economic and social growth and enhance its recipients’ resilience to the effects of negative climate change.
Nyong said, “Access to affordable and reliable energy has huge benefits at various levels of any society. Most of the 600 million people estimated to lack access to modern energy services in sub -Saharan Africa are also among the most vulnerable to the disastrous consequences of climate change”.
He added that the FEI was expected to contribute to the installation of around 600 megawatts of renewable energy projects across different African countries.
According to him, the move will stop over 30 million tonnes of carbondioxide equivalent of greenhouse gas emissions over a period of 20 years while yielding positive gender and social outcomes.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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