Between July 2021 and June 2022, IFC invested $2.1 billion to support the energy- Africa transition

The International Finance Corporation (IFC) announced on Monday, July 25, 2022, to have invested 2.1 billion US dollars on the African continent.

This large sum would have helped support projects related to the green transition, improving access to climate finance and financing renewable energy projects.

According to the same source, this envelope was invested in the period from July 2021 to June of the current year, i.e. one year.

Africa remains the continent that pollutes the environment the least even though it remains highly exposed to the effects of climate change.

In this perspective, the support of rich countries and donors is necessary to ensure its climate resilience.

According to several media on the continent which relayed this information, this support from the International Finance Corporation (IFC) recently materialized with the launch of the Scaling Mini-Grid project in the Democratic Republic of Congo (DRC).

The project has raised $400 million from private investors to finance the deployment of 180 MW of solar photovoltaic capacity and connect more than 1.5 million homes, businesses, schools and of clinics.

For Sergio Pimenta, IFC Vice President for Africa, “ if the effects of Covid-19 persist, the world will still face several other challenges”.

“While the effects of the Covid-19 crisis persist, new challenges are also looming, notably due to rising global inflation. A strong and engaged private sector is essential to help countries and businesses overcome these and other challenges, which is why we have scaled up financing and support from IFC to help sustain and create jobs, improve basic services and foster the growth of small and medium-sized enterprises ,” he said.

According to the Climate Policy Initiative, the African continent needs $250 billion in climate finance per year by 2030.