AfDB creates $57 mln Africa renewable energy fund

JOHANNESBURG Tue Mar 29, 2011 10:33am EDT

A minaret is reflected in the signage for the newly inaugurated African Development Bank (AFDB) branch in Algiers February 18, 2010. REUTERS/Zohra Bensemra

A minaret is reflected in the signage for the newly inaugurated African Development Bank (AFDB) branch in Algiers February 18, 2010.

Credit: Reuters/Zohra Bensemra

JOHANNESBURG (Reuters) - The African Development Bank (AfDB) has established a $57 million fund for renewable energy projects across the continent, the bank's chief sector specialist said on Tuesday.

The Denmark-backed Sustainable Energy Fund for Africa joins two other similar green energy funds in the region worth $6 billion being run by the AfDB and twelve non-African donor countries.

"It is a clean investment... in only clean renewables," Youseff Arfaoui, the bank's chief renewable energy specialist, told Reuters on the sidelines of an African power conference in South Africa's commercial capital.

Arfaoui said the AfDB expected to take the loan to its board for approval in May. No recipient countries had been chosen yet as the fund was not expected to be in full operation before June, he added.

(Reporting by Ruona Agbroko and Olivia Kumwenda, Editing by Ed Cropley)

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