Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Obama will announce the plan, which leverages existing cash and private finance, during a visit to Cape Town/FILE

Kenya

Obama to unveil $7 bn Africa power plan

Obama will announce the plan, which leverages existing cash and private finance, during a visit to Cape Town/FILE

Obama will announce the plan, which leverages existing cash and private finance, during a visit to Cape Town/FILE

JOHANNESBURG, Jun 30 – US President Barack Obama will on Sunday unveil a plan, worth $7 billion over five years, to upgrade African power networks in a bid to reduce electricity cuts and blackouts that scare off business investment, the White House said.

Obama will announce the plan, which leverages existing cash and private finance, during a visit to Cape Town.

The initiative, dubbed “Power Africa”, aims to double access to power in sub-Saharan Africa, where more than two-thirds of the population is without electricity, a statement said.

“Power Africa will build on Africa’s enormous power potential, including new discoveries of vast reserves of oil and gas, and the potential to develop clean geothermal, hydro, wind and solar energy,” it said.

It said countries involved in the plan included Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania, which have “ambitious goals” in electric power generation.

According to the International Energy Agency, sub-Saharan Africa will need investment of more than $300 billion to achieve universal electricity access by 2030, it noted.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...