Pan-African financial institution the African Development Bank (AfDB) and Germany have launched a series of joint initiatives to expand energy access and boost private sector growth across Africa.
The partnership will include support for the Mission 300 initiative – which aims to bring reliable energy access to 300 million Africans by 2030 – as well as financing for youth entrepreneurship programs.
Building on existing collaborations through the Sustainable Energy Fund for Africa and the Climate Action Window, key components of the initiative include expanded financing for renewable energy projects and support for regional integration programs.
With increased support for Youth Entrepreneurship Investment Banks and collaboration on the Build 4 Skills program, the joint initiative will also aim to strengthen private sector development in Africa, with a focus on youth entrepreneurship and skills development.
The AfDB and Germany also explored opportunities to support regional integration efforts under the Africa Continental Free Trade Area as well as enhanced collaboration on resource mobilization strategies for national energy transition strategies.
