AFD commits €3 million to Africa’s financial inclusion

The initiative will improve real-time disaster monitoring, early warning systems, and predictive flood modelling, allowing the country to prevent climate-related calamities.

The financing will help the telco modernise and expand its network infrastructure, with a focus on 4G and 5G deployment, while also enhancing digital innovation.

The on going discussions follow Ethio Telecom's announcement at the start of its financial year that it plans to invest more than $1.1 billion in telecom and digital infrastructure expansion.

The project seeks to power over one million homes while reducing carbon emissions by around 2.5 million tonnes per year.

The bank stated that this catalytic investment will unlock $70 million in finance for African climate-focused ventures.

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.