PARIS: The French electrical firm Schneider announced on Monday a 54.5 million euro fund to finance access to energy in sub-Saharan Africa.
Some “625 million inhabitants of sub-Saharan Africa do not have access to electricity” said Schneider on Monday announcing its 54.5 million euro Energy Access Ventures Fund.
This lack of electricity impedes social progress and economic development and harms the environment”, said Schneider.
The goal is to bring electricity to one million households by 2020 through investments in about 20 small and medium African businesses.
The fund will provide technical assistance especially to businesses that are developing low-carbon and cheap energy to peri-urban and rural populations.
The fund works in partnership with several European institutions such as the European bank of investment (BEI), the French agency for development (AFD) and the Africa business support and investment fund (Fisea).
