Korea and AfDB to invest $600 million for RE development

The Korean Ministry of Economy and Finance, the Export-Import (Exim) Bank of Korea and the African Development Bank (AfDB) have signed an agreement under which South Korea will co-finance renewable energy (RE) projects worth $600 million with the African Development Bank (AfDB).

Korea’s funds will be invested in RE generation, transmission, and distribution through the Korea Exim Bank. The Korea-Africa Energy Investment Framework (KAEIF) agreement was signed on May 28, 2021 following the signing of a General Cooperation Agreement between the bank and the Korean government. KAEIF will particularly look into RE solutions in Africa, such as generation, transmission, distribution, off-grid and mini-grid systems, policy and regulatory reform, energy efficiency, and clean cooking programmes. The agreement will also help to expedite the implementation of off-grid solutions such as mini-grids and solar household systems throughout Africa. The AfDB has established channels for financing off-grid alternatives throughout Africa.

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