The African Development Bank (ADB) has approved a loan of $474.6 million (about 37.4 billion rubles) for the implementation of the South Africa’s Infrastructure and Green Growth Management Program (IGGP). Funding is aimed at supporting the country’s transition to a low-carbon economy and modernization of energy and transport systems. Independent Online (IOL).
IGGGP is the second stage of support for the energy transition to South Africa by ADB. The first stage, the program for $ 300 million (more than 23.6 billion rubles), was launched in 2023. It is noted that the previous initiative contributed to the growth of the share of renewable energy sources and the financial stability of the sector.
The new program includes three key areas: electricity reform, the development of green technologies and improving the efficiency of the transport industry. Particular attention is paid to the production of electric vehicles, green hydrogen, job creation and development of skills among young people.
“It’s not just funding, it’s a roadmap for Africa’s energy future,” said ADB’s CEO for South Africa.
The initiative also includes measures to socially protect and empower women and young people. It is emphasized that the program supports the goals of sustainable development of the UN and is in line with the climate obligations of South Africa under the Paris Agreement.
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