AfDB approves $28 million loan for off-grid solar projects in Côte d’Ivoire

The African Development Bank (AfDB) has approved a $27.78 million project to secure a loan from Société Générale de Banque in Côte d’Ivoire, Crédit Agricole Corporate and Investment Bank. The funds will be utilised for helping Zola EDF Côte d’Ivoire (ZECI), an African solar power kit supplier, to provide solar home systems to approximately 100,000 rural households based on a pay-as-you-go basis. It is the first large-scale local currency financing model for the off-grid renewable energy segment in Africa. The Grameen Crédit Agricole Foundation will also participate in the funding of ZECI, while monitoring the environmental and social rules. AfDB will act as a partial credit guarantor by covering part of the guaranteed loan facility. This project will also benefit AfDB’s High 5S vision called Light Up and Power Africa.

GET FREE ACCESS TO OUR ARTICLES

Enter your email address