African Development Bank and Germany Unveil Bold Initiatives to Boost Energy Access and Private Sector Growth in Africa
The African Development Bank (AfDB) and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) have announced a series of joint initiatives aimed at accelerating energy access and fostering private sector development across Africa. The announcement was made during a high-level meeting held in Abidjan last week.
The partnership focuses on the Mission 300 initiative, which seeks to provide electricity access to 300 million Africans by 2030. Additionally, expanded financing for youth entrepreneurship programs is a key component of the collaboration. Germany’s role as the largest contributor to the 16th replenishment of the African Development Fund underscores its strategic partnership with the Bank Group in advancing Africa’s sustainable development agenda.
More than 90 senior officials from AfDB, BMZ, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and Kreditanstalt für Wiederaufbau (KfW) attended the event. The collaboration will enhance support for the Bank Group’s energy access programs and focus on implementing National Energy Compacts across African nations.
“The African Development Bank values this strong demonstration of commitment to build strategic partnerships and thanks Germany for its steadfast support to the Bank Group. By working together, we continue to lay the groundwork for a brighter, more inclusive future for Africa,” said Mrs. Marie-Laure Akin-Olugbade, Senior Vice President of the Bank Group.
Specific initiatives include increased financing for renewable energy projects and support for regional power integration programs. The partnership builds on existing collaborations through the Sustainable Energy Fund for Africa and the Climate Action Window.
The collaboration will also support youth entrepreneurship through Youth Entrepreneurship Investment Banks and the Build 4 Skills program. Moreover, the partners explored opportunities to bolster African countries’ regional integration efforts under the Africa Continental Free Trade Area.
“This deep dive came at the right moment as the development sphere is going through significant times of upheaval. I would like to echo the words of President Adesina, who said that to foster development on the continent, we need to move at scale. For this, we need development partners to join the ranks, and I am very proud that the African Development Bank and Germany strive to deepen their excellent cooperation,” said BMZ Director General for Africa, Ms. Birgit Picket.
A key highlight of the meeting was the signing of significant subscription agreements under the Alliance for Green Infrastructure in Africa (AGIA). The agreement, which includes AfDB, Africa50, the West Africa Development Bank, and KfW, marks a crucial step toward the first close of the AGIA Project Development Fund. This initiative aims to accelerate green infrastructure development across the continent.
The technical sessions also identified “low-hanging fruits” and joint resource mobilization strategies for the M300 National Energy Compacts, paving the way for enhanced collaboration and co-financing at both country and regional levels.
