Kaberuka: AfDB’s Capital Increase to Focus on Energy

Africa's energy sector will be on the African Development Bank's priority list once its capital increase to USD100 billion is approved. Photo by: ktylerconk / CC BY 2.0 ktylerconkCC BY 2.0

The African energy sector will be on top of the African Development Bank’s priority list once the bank’s capital increase to USD100 billion is approved at the bank’s annual meeting in Ivory Coast this week, according to Reuters.

“Because of the power deficit, we are prioritising all forms of energy. Some are renewables, but there’s no either/or,” AfDB President Donald Kaberuka was quoted by Reuters. “The pipeline is enormous.”

Infrastructure projects will compose 60 percent of AfDB’s planned projects given the capital increase. Of that volume, 60 percent will focus on power, Kaberuka said.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.