The African Development Bank (AfDB) has reached a close on financing agreements for a $20-million-dollar concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the COVID-19 Off-Grid Recovery Platform (CRP).<\/p>\n\n\n\n
In a statement from the AfDB on Sunday, the concessional loan agreements were signed following approval by the board of directors of the bank in December 2020, for the $20-million-dollar concessional investment from SEFA, to establish the platform.<\/p>\n\n\n\n
The agreements were signed with fund managers Lion\u2019s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors.<\/p>\n\n\n\n
Harry Guinness, Managing Director, Off-Grid Energy Access Fund, part of the wider Facility for Energy Inclusion, expressed gratitude for the support from the AfDB.<\/p>\n\n\n\n
\u201cLion\u2019s Head is immensely grateful for the support from the AfDB, in particular the SEFA team and funders, for developing this innovative and catalytic co-investment instrument.<\/p>\n\n\n\n
\u201cAfrican markets have been disproportionately affected by COVID-19 due to lack of infrastructure, macro vulnerabilities, especially in terms of currency and credit shocks and increasing global protectionism,\u201d Guinness said.<\/p>\n\n\n\n
Also, Jan-Henrik Kuhlmann, Head of Sustainable Energy, Triple Jump, said: \u201cThe COVID-19 Off-Grid Recovery Platform comes at a critical moment for early-stage energy access companies affected by COVID-19 and allows the Energy Entrepreneurs Growth Fund to continue releasing flexible capital into the sector at a time when risk capital is increasingly scarce.\u201d<\/p>\n\n\n\n
Furthermore, Asad Mahmood, Chief Executive Officer and Managing Partner, Social Investment Managers and Advisors, said the AfDB\u2019s relief efforts were market-driven and flexible, and would help to leverage existing funds to ultimately assist energy distribution business in Africa.<\/p>\n\n\n\n