African Development Bank invests $10m to promote climate tech

Serengeti Energy Ltd and Western Solar Power Ltd will oversee the project development in Zambia's Sesheke District.

Over the next ten years, the project aims to provide 100 million Africans and businesses with digital access to essential services.

The Bank’s financing consists of 4.02 million euros provided by the African Development Fund and 5.49 million euros provided by the bank’s transition support facility.

The institution notes that digital transformation could be an important catalyst to diversifying Equatorial Guinea's economy in the next few years.

The African Development Bank is urging African countries to cooperate with China, whose involvement in renewable energy projects has already shown positive results across the continent.

The training in AI will address socioeconomic issues and increase productivity in important growth sectors such as agriculture, health, and education.

The Mobilising Access to the Digital Economy alliance has been unveiled, with the goal of providing 100 million Africans with digital access to essential services.

The data centre's construction and operation will cost approximately €13.8 million.

The new funding will be for investment in companies that use digital technologies to offer crucial services, while also increasing their efficiency.

Both sides will investigate how African governments may work with American technology companies to grow their economies.

German chancellor Olaf Scholz made the announcement this week during a press conference in Berlin as part of the G20 Compact with Africa.