Nigeria To Receive $285mln Funding For Electricity, Urban Mass Transportation

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Nigeria is to receive a 285 million dollars assistance from the Clean Technology Fund??? (CTF), a global funding agency, to support electricity supply and urban mass transportation.

The fund is being provided by the CTF) under its Scaling Up Renewable Energy Program for Low Income Countries (SREP).

The fund, being channelled through the African Development Bank (AfDB), is to assist investments in private and public sector-led renewable energy and energy efficiency projects as well as urban mass transportation projects in Nigeria.

?The Clean Technology Fund (CTF) provides funds to projects that promote clean technologies at more concessional rates than standard terms used by the multilateral development banks.

?Stakeholders in the CIF include the UN and its agencies, multilateral development banks, bilateral development agencies,? the Global Environment Facility (GEF), non-governmental organisations, individuals and private sector entities.

?The AfDB said in a statement posted on its Website that the decision was taken during a week-long CIF committee meeting in Washington D. C. from April 30 to May 4.

“As implementing agency of the CIF, the African Development Bank (AfDB) was there to bring African interests to the table,” it said.

The AfDB said that 85 million dollars would come directly from the CTF, while the remaining 200 million dollars would be AfDB counterpart funding.

The 85 million dollars allocated to Nigeria is out of the 250 million endorsed for low income countries at the CTF meeting.???

“The AfDB expects to channel at least half of the CTF financing and contribute technical support and 200 million dollars of its own co-financing to two projects specified of bus-based mass transport systems and financial intermediation for clean energy and energy efficiency,’’ it said.

The AFDB said that it planned to channel 23 million dollars of the total SREP financing to Ethiopia.

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