EU grants US$ 2.55bn for sustainable energy development in five Africa countries
EU has awarded a grant to five countries to help them invest in sustainable energy development through the private sector
Five African heads of states have jointly signed a grant with the European Union President, Jose Manuel Barroso, in New York, a grant that will seek to woo private investors into sustainable energy development. The beneficiaries include Rwanda, Cape Verde, Cote D ‘Ivoire, Liberia and Togo.
The grant portions to the five states will be managed by their respective ministries of finance, and will only be awarded to private investors with worthwhile sustainable energy development projects.
The five beneficiaries of the grant will consume the largest portion of EU’s total grant of about US$4.2bn dedicated to sustainable energy worldwide between 2014 and 2020.
“Sustainable energy is essential for fueling growth and development. Two years ago, at the EU Sustainable Energy for All Summit in Brussels, I proposed the ambitious target of helping developing countries to provide access to sustainable energy services to 500 million people by 2030,” President Barroso said before the signing.