Africa50, a pan-African infrastructure investment platform, is set to launch the first region-wide investment vehicle dedicated to off-grid power companies, with plans to establish a $500 million fund to support climate-friendly projects across the continent, Bloomberg reported.

The initiative, backed by shareholders including the African Development Bank (AfDB) and Morocco’s central bank, aligns with efforts by regional governments to expand electricity access and mitigate the effects of climate change-induced weather disruptions.

The World Bank and AfDB recently convened a high-level conference aimed at accelerating initiatives to bring electricity to 300 million Africans by 2030 in Tanzania.

Source: NAIRAMETRIC