The African Guarantee Fund (AGF) – an investment vehicle dedicated to facilitating economic development in Africa – has launched the Mission 300 Local Currency Guarantee Facility to mobilize $5 billion for African energy access projects.
The facility will provide funding to SMEs in the distributed renewable energy sector, supporting the broader Mission 300 initiative – a program led by the African Development Bank (AfDB) and the World Bank to deliver electricity to 300 million new African consumers by 2030.
With Africa requiring $25 billion annually to achieve universal energy access by 2030, the facility will unite African governments, the AfDB, the World Bank and global partners to enhance local bank participation in energy financing, according to Wale Shonibare, AfDB’s Director for Energy Financial Solutions, Policy and Regulations.
The AGF has experience in mobilizing clean energy financing through its Green Guarantee Facility, helping countries advance energy transition efforts in line with the Africa Energy Declaration, the African Union’s Vision 2063 and the United Nations’ Sustainable Development Goals, according to CEO Jules Ngankam
