The World Bank has granted nearly $300 million to the Eastern and Southern African Trade and Development Bank (TDB) to enhance distributed renewable energy (DRE) and clean cooking ventures within the private sector in nations eligible under the World Bank’s International Development Association (IDA) that are also members of TDB.
This funding follows TDB’s earlier achievements in backing pioneering off-grid solar initiatives in its region through a notable $415 million allocation from the World Bank’s Regional Infrastructure Financing Facility in 2020. This initiative forms part of the initial stages of the IDA’s $5 billion accelerating sustainable and clean energy access transformation scheme, aiming to extend electricity access to nearly 100 million individuals in Africa over the forthcoming seven years and assist in meeting SDG 7. Further, financing will be available for DRE and clean cooking firms through direct loans, co-financing, or on-lending via financial intermediaries, with smaller loans for SMEs through the TDB Group’s Trade and Development Fund.