Morocco’s Energy Firm Receives $965,000 AfDB Grant

Morocco’s energy service firm, Société d’Ingénierie Energétique (SIE), has obtained a $965,000 grant from the African Development Bank (AfDB) to support its growth plans.

The AfDB, in a statement, said the deal was sealed on Tuesday and channelled through its Sustainable Energy Fund for Africa (SEFA).

Brice Mikpomhpoue, Officer in Charge at the North Africa Regional Development and Business Delivery Office of the AfDB, said the grant will provide SIE with operational tools to develop a pipeline of bankable energy efficient investment projects.

SEFA is an AfDB-managed special fund, providing finance for renewable energy. SIE is transiting into the first Super Energy Service Company (ESCO) initiative in Africa.

Your Friends Also Read:  Angola Receives $488 Million IMF Disbursement

Amid growing demand, Morocco aims to meet its energy needs by combining large-scale energy efficiency strategies and renewable energy investments, the Bank said.

Super ESCOs are vehicles for channelling funds into public sector energy efficiency investments such as hospitals, schools and street lighting, laying the foundation for private investment later in the commercial and industrial sectors.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article
Nigeria achieves historic 3 years of polio-free status

UN Condemns Violent Attack on Aid Workers in South Sudan

Next Article
Zenith Bank: Nigerian Bourse Drops 0.33 Per Cent

Nigeria Bourse Loses N15Bln on Profit-Taking

Related Posts