The African Development Bank (AfDB) plans to provide 29.3-million people on the continent with access to electricity by 2020.
Speaking during meetings of the United Nations Economic Commission for Africa, in Addis Ababa, at the weekend, AfDB president Akinwumi Adesina pledged support for the New Way of Working programme, which he described as "crucially important".
"The AfDB is at the forefront of investing in renewable energy in Africa. The share of renewable energy in the bank's energy portfolio increased from 14% in 2015 to 100% last year.
"Our support last year alone provided 3.8-million Africans with access to electricity. And, with adequate financing, we expect to reach 29.3-million people with access to electricity between 2018 and 2020," he said.
Meanwhile, the bank said it would continue to support the Green Climate Fund and the Global Environment Facility to support the co-funding of climate risk insurance for vulnerable African countries, noting that African countries, hit by climate change, were hard pressed to find funds to pay the insurance premiums.
AfDB plans to provide $76-million this year for the payment of insurance premiums, with participating countries providing $31.5-million and the African Risk Capacity Agency providing $16-million.
Latest figures indicate that over 20 countries have shown an interest in participating in the bank-supported initiative.