Power Africa announces more than $1 billion in new commitments at the U.S. -Africa Business Forum
New York, NY—At the U.S. Africa Business Forum, the U.S. Government and its Power Africa partners announced several new milestones across dozens of energy projects and transactions. These commitments — totaling more than $1 billion worth of debt and finance — will advance deals that aim to provide access to electricity across sub-Saharan Africa.
Three years after the launch of Power Africa, the United States is on track to fulfill its initial $7 billion commitment over five years, and several departments and agencies have announced that they’ve expanded Power Africa commitments as detailed in the 2016 annual report. Power Africa partners, including African governments, multilateral and bilateral partners, and more than 130 private sector partners are helping to maximize our impact and accelerate private sector investment in renewable energy.
The U.S. Government’s initial $7 billion commitment has mobilized more than $52 billion in additional external commitments, including more than $40 billion in private sector commitments to invest in power generation and distribution across sub-Saharan Africa. Power Africa is tracking more than 500 deals across the continent. Many of these deals reached new milestones yesterday.