The African Development Bank has approved about $300 million towards South Africa’s energy sector.
The loan to South Africa, is to implement its Energy Governance and Climate Resilience Programme.
Leila Mokaddem, Director General for Southern Africa at the bank, says energy has the largest share of the Bank’s portfolio at 43.4%.
The programme complements this support and aligns with the recently approved Country Strategy Paper (CSP) for South Africa, which recognizes the centrality of Energy reforms to achieve economic growth and improve business confidence.
The Programme, is in partnership with other development banks including the World Bank and Kfw Development Bank.
It is set to fast-track mitigation and adaptation efforts by promoting renewable energy generation and shifting businesses to low-carbon activities.