With the additional financing of EUR 9.5 million from Finland, the total commitments to EEP Africa Trust Fund have reached EUR 75.1 million.
In February, the Ministry for Foreign Affairs of Finland signed an agreement for an additional EUR 9.5 million commitment to the fund covering the next three years. This latest contribution increases Finland’s share to EUR 30.4 million, making it the biggest donor of EEP Africa. This is the second donor recommitment recently, after long-term donor Austria renewed their commitment (EUR 3 million) in late-November last year. These recommitments complement the recent contributions from Denmark (EUR 6.65 million) and Iceland (EUR 1.4 million), both joining the fund in 2022.
Despite remarkable progress in rural electrification in recent years, there are still 600 million people without access to electricity in Sub-Saharan Africa. Many of the companies that have introduced new or improved energy products to millions of off-grid African homes have received early-stage funding from EEP Africa. Beneficiaries also include industrial scale entrepreneurs, developing waste to energy and circular economy solutions. Supporting impact driven enterprises can deliver sustainable livelihoods and modern energy services to underserved areas, while ensuring gender equality and leaving no one behind.
- Sofie From-Emmesberger, Director General of the Department for Africa and the Middle East, Ministry for Foreign Affairs of Finland
The strong financial foundation will enable EEP Africa to ramp up its support to innovative clean energy projects, technologies, and business models in Southern and Eastern Africa. The next call for proposals is expected to open on 14 April 2023.
The continued commitment from our trusted donors is instrumental for EEP Africa’s success. This allows us to take longer-term strategic decisions based on adaptive management which is essential in this rapidly evolving sector. I am confident that, in the future, we can make EEP Africa an even better springboard for early-stage clean energy entrepreneurs in Africa looking to enhance their investment readiness.
- Jussi Viding, Fund Manager for EEP Africa, Nordic Development Fund
Since 2010, EEP Africa has channelled more than EUR 56 million to 270+ innovative clean energy projects in Southern and Eastern Africa. EEP Africa projects have improved energy access for more than 5,2 million people and contributed to more than 10,900 new jobs, of which 42% have been for women.
For more information, please visit www.eepafrica.org or get in touch at info@eepafrica.org.
Ministry for Foreign Affairs for Finland (MFA Finland)
The Ministry for Foreign Affairs administers Finland’s ODA budget and led EEP Africa from 2010-2017. Finland’s development policy supports eradication of poverty and inequality and the promotion of sustainable development with particular focus on strengthening the rights of the most vulnerable, promoting gender equality and improving climate change preparedness and mitigation. Enhancing energy access is a key component in reaching these goals.
Nordic Development Fund (NDF)
The Nordic Development Fund (NDF) is the joint Nordic international finance institution of the five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden. NDF focuses on the nexus between climate change and development in lower-income countries and countries in fragile situations. Since the introduction of the climate mandate in 2009, NDF has built a track record of adding value by financing climate mitigation and adaptation projects in close interaction with its extensive network of strategic partners. NDF is both Fund Manager and funding partner and led the relaunch EEP Africa as a multi-donor trust fund in 2018.
To read more about all of EEP Africa’s donors, please find them on our webpage.