The Bank is supporting landmark transactions with leading offgrid companies using innovative instruments to unlock local currency capital .
SPECIAL REPORT
How does the African Development Bank see Asia as a whole and India in particular as models for the development of technology in Africa ?
Japan , South Korea , China , and India are very important and valued shareholders of the Bank . In addition to supporting the Bank ’ s statutory resources , they also have various co-financing agreements and trust funds which are leveraging and catalysing the Bank ’ s resources for Africa ’ s development . The relationship of some of the Asian countries with Africa is unique as these countries have made the successful transition from aid recipients to donor countries , which makes them cherished and influential advisors in terms of African economic transformation .
The Bank has been drawing inspiration from Asian countries in energy , industry and agricultural transformation policies . Indeed , Asian countries can play a crucial role in the transfer of skills and technological capacity .
The growth of innovations and investments are where African countries can benefit from strategic partnerships with Asia . The private sector is contributing substantially to Africa ’ s information technology revolution , improving its efficiency and reducing costs . While Africa is catching up quickly , public institutions are still lagging behind . Many government processes are not digital , causing massive losses in revenues and delays in the processing of business applications . Most Asian countries have prioritised human capital and education investments at all levels to sustain their development . The Asian examples demonstrate that unfavourable initial conditions are not insurmountable and , therefore , with the right policies in place , African countries can emulate their Asian peers and achieve remarkable results in human capital and skills development for their growing populations .
While nearly two-thirds of Africa ’ s population make a living through agriculture , the sector contributes only 16 percent to the continent ’ s GDP . Meanwhile , India has successfully introduced its green revolution , contract farming , drip irrigation , created new agricultural markets and brought in robotics technology and precision farming which can benefit the African continent as well .
India can play a crucial role in enhancing technology in Africa ’ s agriculture , through innovations in information and communication technology which would empower farmers with knowledge on agricultural technologies ,
The Bank is supporting landmark transactions with leading offgrid companies using innovative instruments to unlock local currency capital .
best practices , markets , price trends , sources of finance and weather conditions .
Africa can also learn from the Digital Financial Inclusion achieved by India with over billion mobiles , 325 million broadband connections , and over 300 million new bank accounts . India ’ s experience in the renewable energy sector can also be of immense benefit to the COMESA countries in their efforts towards sustainable development and green growth .
What are the key undertakings of your recently signed joint declaration with the International Solar Alliance ?
The joint declaration recognises both the critical role and the huge investment needs of solar energy for Africa ’ s development . The African Development Bank and the International Solar Alliance ( ISA ) will cooperate on the development of specific financing instruments , notably for off-grid solar projects and solar IPPs for African ISA member countries .
We also plan to work together on the mobilisation of concessional financing , including through existing trust funds , such as the Bank ’ s Sustainable Energy Fund for Africa ( SEFA ) which has been playing a crucial role in the preparation of renewable energy projects , and the Facility for Energy Inclusion ( FEI ), which intends to close funding gaps in the small-scale energy infrastructure sector and catalyse growth in last-mile energy access solutions .
The joint declaration also envisages the support of ISA for the Bank ’ s transformative Desert to Power initiative in the Sahel and Sahara regions , which will generate 10 GW of solar power and provide clean energy for 90 million people .
The launch of ISA this March in Delhi showed the commitment of African Heads of State and Government to the cause of solar development in Africa . The Bank looks forward to working with ISA and African countries to realise these ambitions .
How optimistic are you about the development of renewable energy in Africa ?
Africa ’ s renewable energy resources are diverse , unevenly distributed and enormous in quantity — the solar potential is almost unlimited ( 10 TW ) and there is abundant hydro ( 350 GW ), wind ( 110 GW ) and geothermal energy sources ( 15 GW ). The African continent is endowed with more than half of the world ’ s renewable energy potential .
12 • COMESA • 2018