The Vice President for Regional Development, Integration and Business Delivery of the African Development Bank Group, Marie-Laure Akin-Olugbade, has mentioned that Africa, as it moves towards renewable energy, could learn from the skills of Austria, a country mainly using renewable sources for its energy needs.
Akin-Olugbade shared this information in a release posted on the bank’s website on Tuesday.
“Austria relies on renewable energy for 80% of its power. The knowledge of Austrian firms is very valuable for Africa, which has abundant solar, hydro, wind, and geothermal energy sources,” Akin-Olugbade informed Austrian lawmakers during a meeting at the bank’s headquarters in Abidjan on Monday evening.
“In the last five years, the African Development Fund has connected 15.5 million people to electricity, assisted 74 million with improved agriculture, and built or restored nearly 9,000 kilometers of roads. It has facilitated 50 million people in accessing transportation and aided 42 million people in gaining better water and sanitation services.
“Austria, which became a member of the Bank in 1983, has engaged in all General Capital Increases for the Bank and the replenishment of the African Development Fund. In the 16th replenishment of the Fund in December 2022, Austria contributed € 123m (approximately $135m), a 12.6% rise over the previous replenishment. The 16th replenishment mobilized more than $8.9 billion, the largest in the Fund's history.
“Africa has an almost limitless solar capacity (11 TW), 350 gigawatts of hydro, 110 gigawatts of wind, and 15 gigawatts of geothermal,” he added.
Akin-Olugbade expressed gratitude to Austria for its continuous support for the Bank and its concessional window, the African Development Fund, as well as various trust funds and initiatives.
