AfDB drives energy, agriculture, financial innovation with over $145m in new initiatives across Africa

The African Development Bank (AfDB) (www.AfDB.org) has rolled out a series of transformative investments spanning clean energy, agriculture, and financial market modernization, with more than $145 million committed to projects across Africa.

These initiatives aim to accelerate renewable energy access, promote sustainable agriculture, empower women and youth, and modernize capital markets to drive inclusive growth.

$4m boost for clean cooking in Kenya, Uganda, and Zambia

Through its Sustainable Energy Fund for Africa (SEFA), the Bank has approved a $4 million reimbursable grant to launch the Burn Electric Cooking Expansion Program (BEEP). The initiative will deploy 115,000 Burn ECOA induction cookers, providing clean and affordable cooking solutions to low-income households that currently rely on charcoal.

The program, implemented by Kenya-based Burn Manufacturing Company, is financed via a Special Purpose Vehicle (SPV) capitalized by a $5 million senior loan from the Spark+ Africa Fund, $4 million from SEFA, and $1 million in equity from Burn. Costs will be recovered through carbon credit sales on the voluntary market, while users benefit from pay-as-you-go plans that lower upfront costs.

Dr. Daniel Schroth, AfDB’s Director for Renewable Energy and Energy Efficiency, hailed the effort as “the Bank’s first carbon finance transaction of its kind, with SEFA playing a critical role in mitigating carbon market risks and ensuring financial sustainability.”

Burn CEO Peter Scott described the initiative as “a catalytic investment that will allow us to scale IoT-enabled, zero-emission induction cookers, providing households across Kenya, Uganda, and Zambia with clean, affordable alternatives to charcoal and wood.”

€100m to empower Moroccan women and youth in agriculture

In Morocco, the AfDB Board approved a €100 million loan to support an inclusive, solidarity-based agriculture program designed to create economic opportunities for women and young entrepreneurs. The initiative aligns with Morocco’s Green Generation 2020–2030 Strategy and aims to boost food security, enhance small-scale farmers’ resilience to climate change, and integrate women into local value chains.

“Women who have the ambition to succeed in agriculture are our priority,” said Achraf Tarsim, head of AfDB’s country office in Morocco. “We will support them step by step to build a modern, inclusive, and resilient agriculture sector.”

Sustainable agriculture transforms lives in Côte d’Ivoire

In central Côte d’Ivoire, the AfDB-backed Project to Improve the Livelihoods of Smallholders and Women (PREMOPEF) is revitalizing agricultural communities in the N’Zi region. Co-funded by the Global Agriculture and Food Security Program (GAFSP) and the African Development Fund, the project targets 60,000 vulnerable people—half of whom are women—by promoting climate-smart farming techniques for crops like yam, cassava, and vegetables.

Local farmer Koffi Kouakou Charles, known as “KKC,” doubled his yam yields after adopting modern agroecological methods introduced through PREMOPEF. “Before, I was just focused on surviving,” Koffi said. “Today, I can think about my children’s future and even expand my farm.”

Ceserd Waba Akpaud, the project coordinator, described PREMOPEF as “a powerful tool for reducing household vulnerability and strengthening resilience to economic and environmental shocks.”

$40m equity commitment to scale renewable energy

The AfDB has also approved a $40 million equity investment in Project Zafiri, a flagship platform under the Bank’s Mission 300 initiative, which aims to connect an additional 300 million people to electricity by 2030. Developed in partnership with the World Bank Group and other stakeholders, Zafiri will provide long-term patient capital to scale Decentralized Renewable Energy (DRE) solutions such as mini-grids and solar home systems.

The $40 million commitment includes $30 million in senior equity from AfDB’s balance sheet and $10 million in junior equity from SEFA. Zafiri is targeting a total capitalization of $1 billion in phases.

“Zafiri is a catalytic platform that will be integral to achieving universal energy access,” said Kevin Kariuki, AfDB Vice President for Power, Energy, Climate, and Green Growth. “With just five years left to meet Mission 300’s goal, this initiative will help crowd in private capital for impact.”

Digital capital markets platform launched in West Africa

The Bank’s Capital Markets Development Trust Fund (CMDTF) has provided $400,000 in technical assistance to launch DIGIAPE, a digital platform for public offerings managed by the Central Depository/Settlement Bank (DC/BR) in Côte d’Ivoire. DIGIAPE automates primary market subscriptions in the West African Monetary Union (UMOA) financial market, enabling real-time securities allocation and reducing settlement times to attract international investors.

“Technological innovation is a powerful lever for transforming capital markets,” said Birahim Diouf, Director General of the UMOA Central Depository/Settlement Bank. “DIGIAPE ensures transparency, efficiency, and inclusion in the financial system.”

Ahmed Attout, AfDB’s Director for Financial Sector Development, emphasized the Bank’s long-term commitment: “We have invested more than two billion euros in UEMOA’s financial sector since 2014. This platform demonstrates our ability to respond strategically to Africa’s evolving markets.”

A pan-African development drive

Together, these initiatives underscore AfDB’s multi-sectoral strategy, blending energy transition, agricultural transformation, gender empowerment, and financial innovation.

Over the past five decades, the Bank has invested billions across critical sectors including transport, water, and governance. These new interventions reaffirm its role as a catalyst for sustainable growth and a trusted partner in Africa’s transformation journey.