AfDB and Korea launch Korea-Africa Energy Investment Facility

The Korean government and the African Development Bank (AfDB) have agreed to launch the Korea-Africa Energy Investment Facility (KEIF) to support the New Deal on Energy for Africa, which aims to achieve universal access to energy. Korea is set to provide $600 million over a period of five years in both concessional and non-concessional finance for a variety of energy operations that will support the provision of electricity for homes, schools, hospitals, agriculture and industries. The facility will support the full range of activities - preparation, construction and operations - through a mix of financing and technical assistance.