Samsung Electronics today announces a new promotional package that is designed to ensure customers enjoy the ultimate customization and functionality that speaks to their lifestyle. The curated package of Samsung’s popular Bespoke range of home appliances invites consumers to style their homes their way, with tailored packages, discounted by as much as 20%, that offer unparalleled customization and savings. The promotion has been dubbed the “Bespoke Home Combo Offer”. The prootion period will start from 1st September 2023 and end on 8th October 2023. With the increasing demand for individualized solutions in homes, Samsung’s Bespoke series has been at the forefront of providing modular designs that reflect personal style. The Bespoke Promotion Combo,your home, your style, your way takes this vision further, allowing consumers to benefit from exclusive packages and savings when choosing multiple products from the Bespoke line. Samsung is offering two promotional combos; the White combo offer and the Black combo offer whereby customers can mix and match products according to their needs and will enjoy a 20% discount on purchase. The ‘White Bespoke Combo’ offers customers a carefully curated set of clean white iconic appliances, which includes the white bespoke top mount refrigerator and the white bespoke front load washing machine that can be purchased at a 20% discounted rate of Ksh. 239,990, while the ‘Black Bespoke Combo’ offers customers a black top mount refrigerator, a black front load washer and dryer and a black microwave which can be purchased at a 20% discounted price of Ksh.314,990. “Our goal has always been to understand and address the evolving needs of our consumers. The Bespoke Home Combo Offer is a reflection of Samsung’s commitment to offering tailored solutions that don’t compromise on quality, innovation, or value. The combination deal we have introduced is a manifestation of our commitment to provide tailored choices, ensuring every individual can create an environment that’s uniquely theirs,” said Mr Samuel Odhiambo, Head of Consumer Appliances Samsung East Africa “By bringing together our most innovative appliances in harmonious combinations, we are not only offering unmatched value but also an opportunity for our customers to redefine their living spaces.” Bespoke Home Combo customers will benefit from extended warranties and premium after-sales services, ensuring peace of mind with their purchase. Customers can purchase these appliances exclusively from the Housewife’s Paradise Store or online. Samsung invites everyone to redefine their living spaces with home appliances that truly resonate with their style and needs. The future of home living is bespoke, and with Samsung, the possibilities are endless.
Davis & Shirtliff has achieved a major milestone by receiving an Integrated Management System (IMS) certification from the Kenya Bureau of Standards (KEBS) and the certification is a testament to the company’s commitment to bring about robust systems for quality, environment, and health and safety in its bid to improve lives through the provision of water and energy solutions.
The IMS certification reinforces Davis & Shirtliff’s position as a market leader and showcases its readiness to delivering excellence in critical areas that impact the well-being and economic advancement of its customers spanning all 47 counties and the certification are a result of the company’s dedication and unwavering commitment to upholding the highest standards of innovation and sustainability in all its operations.
Speaking during the event, Group Chairman Davis and Shirtliff Alec Davis, stated that they are honored for having added one more badge to their certification achievements, which confirms the unrelenting resolve to deliver quality game-changing solutions in the country being certified means ensuring maximum reliability and dependability of all our products and solutions to help Kenyans rip their benefits to the highest capacities.
“The IMS certification integrates three vital management systems: Quality Management (ISO 9001:2015), Environmental Management (ISO 14001:2015), and Occupational Health and Safety Management (ISO 45001:2018) and further, an alignment with global concerns regarding climate change and sustainability, ensuring the safety of stakeholders through compliance with regulations and hazard prevention and the certification covers a broad spectrum, including 83 sites across eight countries where Davis & Shirtliff operates,” said Alec Davis.
He added that D&S joins other top organizations that have received IMS certification in Kenya such as Coca-Cola Beverages Africa (CCBA) Kenya, EABL, Safaricom, Bidco Africa, and Isuzu East Africa and the IMS certification was officially approved by the KEBS Certification Committee on July 17, 2023, and the certificates will remain valid for a period of three years.
“Integration of the management systems is particularly beneficial for organizations seeking to streamline their management processes, reduce costs, improve overall performance, and demonstrate commitment to quality, environmental responsibility, occupational health, and safety,” concluded Alec Davis.
SASA PAY, the leading digital payments service provider has rebranded and unveiled its new strategy as the company targets to increase its customer base both in Kenya and the diaspora market.
It’s new strategy centers around the provision of cutting-edge seamless financial solutions and ensuring a secure payments experience for a diverse range of businesses including financial services sector players banks, Saccos and digital lenders, as well as SMEs in general trade, healthcare facilities, educational institutions, transport sector players, agricultural enterprises and manufacturers.
Speaking Mr. Kevin Mutiso chairman Digital Financial Services Association of Kenya during a rebrand event and unveiling of sasa pay 2.0 after the success of sasa pay module one,has louded Sasa Pay for the digital transformation in easing the cost of transactions to be competitive in pricing,innovations and alternative data by incorporating new technology.
Mr Mutiso has said there is need to regulate the Artificial Intelligence (AI) using the fit principle to ensure there will be no financial instability by the technology,he has urged the government to put the data on Hustler fund to other credit lending institutions to create a data base for those eligible for loans.
Sasa pay CEO Stephen kaguchia has promised more tangible benefits to customers calling for collaborations with sector players to tap on wider customer base, accelerate growth and give more value for their wallet in cross border payment.SMEs will not pay any fee in using the sasa pay platform a move that will unlock opportunities and growth.The platform will also offer shop now pay later model to it’s customers.
One can earn through transacting with sasa pay,save, insure and borrow and earn an interest by having money in sasa pay account.SasaPay acts as a bridge between businesses and capital providers offering affordable access to working capital for businesses.
The new revolution in digital payment of sasa pay is used in the new environment friendly electric buses for customers to pay their bus fares which is safe and convenient,According to George Githinji a business man who has been using sasa pay, the digital payment has an advantage of having 4 wallets accounts which can hold upto 1.2Million mobile money, enabling one to pay staff ,transact and invest.
Ghana’s Bulk Oil Storage and Transportation Company Limited (BOST) now known as BulK Energy Storage & Transportation (BEST) Limited is projecting revenues of 10 billion Ghana Cedi ( 871 million U.S. dollars) for 2023, up from 3 billion Ghana Cedi’s recorded in 2022, an official of the company disclosed on Saturday, a day after the APSCA awards ceremony.
Edwin Alfred Nii Obodai Provencal, managing director of (BEST) said the increase in sales will be driven by rising demand for affordable fuel in the Ghanaian market as well as from its landlocked countries in the north such as Mali and Burkina Faso. “Due to our efficient processes we are the most preferred source of refined petroleum products,” Provencal said in Nairobi, Kenya’s capital city. BEST which is a Ghanaian state owned enterprises is mandated to develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country as well as keep the Strategic Reserve Stocks for Ghana. The Company currently has 6 depots nationwide which are located in the Accra Plains, Mami Water, Akosombo, Kumasi, Buipe and Bolgatanga and a pipeline network of about 360 km.
Provencal said BEST plans to double its pipeline network through a public private partnership. The firm is planning to partner with private investors to build about 360 km additional pipeline network at a cost of circa 400 million U.S. dollars. “We are going to float a competitive tender bid in the last quarter of this year. Actual construction of the pipeline is set to begin in May and be complete after 24 to 36 months,” Provencal said. Ekow Hackman, board chairman of BOST said that the net profit margin of BOST has increased from GH₵161 million in 2021 to GH₵342 million in 2022. This is a remarkable turnaround as the company has been making losses in the previous decade.
Due to the company’s improved performance, BEST emerged as winners during the 4th Africa Public Sector Conference & Awards (APSCA) that took place on the sidelines of during the Africa Climate Week in Nairobi, Kenya. The APSCA Awards, which aim to acknowledge excellence in public policy innovation and outstanding leadership across various levels of governance awarded BOST the most transformed public enterprise in Africa. The Ghanaian state enterprise also won the silver award for the public sector team, while Edwin Alfred Provencal won a personal award as the best public sector CEO in Africa.
The Africa Climate Summit -Non-State Actors’ Committee (NSAC) welcomes the Declaration of the Africa Climate Summit, issued by the Heads of States on September 6, 2023, as a positive step towards a more ambitious,fair, equitable, ecologically just and inclusive global response to the climate crisis. We recognise the pressing need for the global community to decrease emissions, decarbonise economies and align with the Paris Agreement, and appreciate the Declaration for reaffirming the principles of common but differentiate responsibilities and equity, which are vital for a just and efficient global response.
Therefore,we also commend the Declaration for acknowledging the problem of loss and damage caused by climate change, which is already affecting several African communities. We urge the international community to put into effect the Loss and Damage Facility established during COP27 and to provide sufficient and consistent assistance to the countries and individuals who are most vulnerable.
As NSAs, we strongly support the Declaration’s call for investing in public finance for green economic development. We equally reiterate our unequivocal support for reforming the global financial architecture to address African countries’ challenges, especially climate finance. Particularly, we welcome proposals for debt relief, concessional finance, and innovative financial mechanisms, and endorse the Bridgetown Process, which aims to align finance with sustainable development goals and human rights –all in a sense, signalling the acknowledgement of the imperatives of climate justice!
We appreciate the recognition of the critical importance of reversing biodiversity loss and explicit commitments made to protect and enhance nature and biodiversity, and to halt and reverse the loss of biodiversity, as well as restoration of degraded lands.
However, we are still concerned that the Summit missed an opportunity to have a strong African position that established the route to addressing the climate crisis. We express our disappointment that the Declaration does not prioritize adaptation as a critical concern for Africa and leaves it a mere peripheral issue. We would like to remind the Heads of States that adaptation is not only crucial for survival but also a matter of justice.
Africa is one of the regions that are most affected by climate change, even though it contributes the least to its causes. Therefore, we urge the authorities to accord equal attention and resources to both adaptation and mitigation in their national and international actions. Additionally, we demand that adaptation strategies are designedbased on local knowledge, needs, capacities, and human rights principles.We are also concerned that the Declaration does not adequately address the emotive issue of just transition, which is crucial for ensuring that no one is left behind in the shift to a low-carbon economy. We note that the Declaration only mentions just transition once without any details or commitments on how we should define itin our own narratives and perspectives, and how it will be implemented.
Therefore, the NSAC urges Heads of State to adopt a more comprehensive and inclusive approach to just transition that is contextual and responsive to African realities, aspirations, and desires, and will discourage experimentation on false solutions that exacerbate the climate crisis. This approach involves the meaningful participation of workers, communities, civil society, and other stakeholders in planning and implementing policies that promote decent work, social protection, human rights, gender equality, and environmental justice. Such an approach should also ensure the vast resources driving the transition, including wind, solar and geothermal, as well as critical minerals spread across the continent, restore hope to the people who have known such resources to be the source of pain, conflict and misery.
Curiously, also, the Summit did not pronounce itself on how African leaders will collectively work together to exert pressure on developed countries to deliver on the financial commitments previously made by the historical emitters. The failure to advance for framework for pushing for a funding mechanism to fund some of the critical climate-related interventions that protect those most affected by inequality and discrimination who are often children, youth and women, was another waterloo for the Summit’s Declaration.
The propagation and political advancement for implementation of the carbon market with no clear evidence that it works remains one of the bold posters of the Global North attempting to advance approaches that exonerate them and transfer the burden of action to the victims of their actions. Right at the onset, the Summit exonerated the rich countries from taking full responsibility for their historical and current emissions that have taken us to the current state of global warming. We are disappointed the Declaration’s Call to Action does not reflect this recognition of the value of nature and biodiversity. Consequently, the NSAC urges the Heads of State to include more specific actions and targets in their national and regional plans and policies for biodiversity conservation and restoration.
In addition, the NSAC calls on them to ensure that they integrate nature-based solutions into their mitigation and adaptation strategies.
As we head to COP28, NSAC insists on the following:
Developed countries fulfil their historical responsibility and provide adequate and predictable finance, technology transfer, and capacity building to support adaptation, mitigation, and loss and damage in Africa. We are much more keen to collaborate in pushing for grant-based funding mechanisms.
Reiterate our Position on the rejection of the promotion of Carbon Markets that are not responsive and do not serve the climate justice imperatives for Africa. We further urge for continued dialogue in the spirit of closing knowledge gaps on Carbon Markets that are apparent, at all levels.
African leaders commit to a just and equitable transition to renewable energy, ensuring that energy access is prioritised for the poor and marginalised and that community ownership and participation are guaranteed.
Urge African leaders to stand by the principles of climate justice, human rights, gender equality, and intergenerational equity in all climate policies and actions.
In conclusion,the NSAC is optimistic that this Declaration is a forward step towards accomplishing more ambitious and comprehensive climate action in Africa and globally. The NSAC is fully prepared to collaborate with the Heads of State and other stakeholders in the implementation of the Africa Climate Summit’s Declaration and in collectivizing Africa’s position towards COP28.
Hayford Siaw recognized for policy innovation and exceptional leadership in promoting literacy and access to information.
(Nairobi, Kenya) – The Ghana Library Authority (GLA) is celebrating a momentous achievement as its Chief Executive Officer, Mr. Hayford Siaw, was honored with the Young Public Sector CEO of the Year award at the 4th Africa Public Sector Conference & Awards (APSCA) during the Africa Climate Week in Nairobi, Kenya.
The APSCA Awards, which aim to acknowledge excellence in policy innovation and outstanding leadership across various levels of governance, recognized Mr. Siaw for his exceptional work in revitalizing Ghana’s library system. His innovative approach included the establishment of libraries across regions of Ghana, the introduction of technology applications, and the successful implementation of the “Year of Reading Project.”
Under Mr. Siaw’s visionary leadership, the Ghana Library Authority has achieved significant milestones in promoting literacy and access to information throughout the country. His dedication to expanding and modernizing Ghana’s library network, as well as fostering a culture of reading, has had a lasting impact on numerous individuals and communities.
The Young Public Sector CEO of the Year award serves as a testament to Mr. Siaw’s remarkable leadership and innovation at the Ghana Library Authority. This prestigious accolade recognizes his unwavering commitment to improving the public sector, particularly in the field of education and literacy.
Expressing his gratitude, Mr. Hayford Siaw stated, “It is truly an honor to be awarded the Young Public Sector CEO of the Year. This recognition validates the hard work and dedication of the Ghana Library Authority in enhancing the library system and promoting a reading culture in Ghana.” He further extended his appreciation to the APSCA for the recognition and acknowledged the efforts of his team at the Ghana Library Authority in making their vision a reality.
Additionally, the Ghana Library Authority received the Most Promising Public Sector Agency of the Year award, further highlighting their commitment to excellence in public service.
During the 4th Africa Public Sector Conference & Awards (APSCA) Konza Technopolis Development Authority clinched the prestigious Award for excellence in smart city development. The award recognizes Konza’s unwavering commitment to shaping the future of smart cities.
John Paul Okwiri CEO of Konza Technopolis Development Authority said the award in recognition of Konza efforts to build a well-developed smart city that meets environmental and social standards.
Okwiri noted that so far 100 investors have expressed interest in investing in Konza city.
By Benard Mulwa Even as the government is thinking to improve the quality of health system service in all public and private health care facilities under the Universal Health Coverage programme, Kenya medical training college (KMTC) students, staff and physiotherapy experts in Nairobi today held celebrations at Kenya medical training college Nairobi campus grounds in a bid to generate awareness about the significance of early diagnosis, increase access to people livening with inflammatory arthritis and the crucial contribution physiotherapists make to society. Mr. Henry Opondo, the President, Kenya Society of Physiotherapy said physiotherapy is a very critical profession which needs a lot of advocacy and awareness for the general public to realize its significance. “Physiotherapy largely prevents the side effects of drugs commonly used muscle reluctant and pain killers” he said, The Kenya medical training college have implemented higher diploma and short courses for students taking Physiotherapy studies at the college. However, he said the trainings needs to be sustainable and participation of community services and activities to escalation advocacy in physiotherapy. The Deputy Registrar quality assurance at Kenya medical training college, Mrs. Lucy, said quality is of paramount and thus all health workers receive a systematic training at the institution, “People don’t talk about physiotherapy but it is the giant that can kill” she said, the management of the institution through the College Principal, is looking to develop a curriculum to enhance the students capacity to take physiotherapy health care to people. Dr. Nyawira Mwangi, the Deputy Director at the Kenya Medical Training College challenged the Ministry of health to strengthen this kind of training saying Physiotherapy is very dynamic and it plays a promoting role in health through exercise, Physiotherapy has a relationship with disability. The rehabilitation services reliefs from arthritis pain, mobility problems, treatment for a sports injury, and rehabilitation after injury or surgery among many others. Dr. Nyawira also praised the Kenya Society of Physiotherapy for its deliberate efforts to give back to the community yesterday at the Kenya Medical training College grounds where they offered free screening and assessment to the public. The Chief Physiotherapy also observed the important roles played by other private consultant physiotherapists at the World Athletics Championships in Budapest to the Kenyan team, to the police and military forces across the country saying physiotherapy services can reduce diseases and disability.
The Nairobi Securities Exchange (NSE) listed real estate investment trust ILAM Fahari Real Estate Investment Trust, conversion and redemption offer seeking to redeem up to 36.5 million units on the Nairobi bourse as part of an operational restructuring effort is set to open this Wednesday, ICEA LION Asset Management (ILAM) Chief Executive Officer Mr. Einstein Kihanda has confirmed.
In Kenya, the ILAM Fahari I-REIT has invested in a portfolio of high-quality investment real estate properties that provide sustained returns and operating performance, including Nairobi’s Greenspan Mall, Highway House, a three-storey industrial building off Mombasa Road and 67 Gitanga Place .
Speaking during a media workshop on the REIT conversion and redemption process, Mr. Kihanda said it is now all systems go for the proposed Kshs 402 million month-long offer that opens on Wednesday, 6th September and closes on Friday, 6th October 2023.
During the offer period, Mr. Kihanda, who was accompanied by the ILAM Fahari I-REIT CEO Mr. Raphael Mwito, said the REIT Trustee will be seeking to receive redemption applications from non-professional investors wishing to redeem up to 36,585,134 Units currently listed at the NSE, at a more than 82% premium over the current trading price as at the announcement date.
As part of the offer, the target unit holders will have an opportunity to either redeem their units at a Redemption Offer Price of KSH 11 per unit, top up to the Kshs 5 million professional investors threshold as prescribed by regulatory provisions or opt to be bundled under a nominee account holding all non-professional investors who fail to take up the redemption offer.
“ILAM has been working for the past year to restructure the REIT to ensure its sustainability and improve its ability to generate returns for unit holders. A recent strategy review recommended undertaking an operational restructuring plan, which paved the way for this transaction,” Kihanda said, adding, “This transaction provides a viable path to restructure this popular REIT without the price volatility experienced on the NSE. We are clear that the REIT needs to grow substantially in size to achieve economies of scale, which can only be done through the acquisition of assets.”
ILAM Fahari Real Estate Investment Trust recently received regulatory approval from the Capital Markets Authority (CMA) to convert its unrestricted ILAM Fahari Income Real Estate Investment Trust (IFIR) into a restricted I-REIT.
Alongside the operational restructuring of the REIT, ILAM Fahari I-REIT Chief Executive Officer Mr. Raphael Mwito reiterated that the firm has continued to perform strategic and operational functions in managing the property portfolio and cash reserves to ensure effective long-term management of the REIT, deliver attractive investor returns and ensure compliance with regulatory and legislative requirements.
“ILAM Fahari I-REIT aims to provide consistent income and capital growth in the long term. Our active management approach targets quality properties within carefully chosen economically growing nodes,” said Mwito.
IFIR will remain regulated by the CMA and is registered as a REIT with the Kenya Revenue Authority (KRA), thus continuing to enjoy statutory tax advantages.
Last year, ILAM Fahari I-REIT’s distributable earnings increased by 39% to Kshs. 141.9 million compared to Kshs. 102.0 million the previous year.
The ILAM Fahari I-REIT’s concept is globally recognized. It operates in line with international standards, allowing the REIT to own and manage income-generating real estate for the benefit of its investors. The REIT provides regular distributions to investors, underpinned by commercial leases
Kelvin Kinyua receives a certificate from the spouse of the Deputy President Pastor Dorcas Rigathi at the official residence of the Deputy President in Karen, Nairobi County where a special graduation for the first cohort of 83 rehabilitated men who were addicted to alcohol, drug and substances under the boy child program in her office were celebrated on Friday 8th September 2023. Photo/OSDP
By OSDP
8th September 2023
83 men addicted to alcohol, drugs and other substances graduated during a special ceremony to mark their rehabilitation success at the official residence of the Deputy President in Karen, Nairobi on Friday.
This event marked the culmination of three-months of inpatient rehabilitation at a rehabilitation and recovery centre in Meru and the outpatient community-based rehabilitation program in Donholm, Nairobi.
The spouse of the Deputy President Pastor Dorcas Rigathi flagged off the Mathira group on June 8, 2023 for rehabilitation at a church in Mathira Constituency.
“I recall the day I flagged off this first cohort for rehabilitation back in March this year. You bore no resemblance to the individuals I see before me today. Your transformation is nothing short of miraculous,” said Pastor Dorcas during the graduation ceremony.
She acknowledged the bravery of the men in fighting off the withdrawal symptoms and reconditioning their bodies to daily life routines, including learning new skills like beadwork, hair dressing and farming while at the rehabilitation centre.
Pastor Dorcas called on the private sector to join in the fight for the boy child, saying that public funds were not enough in dealing with the drug menace that has affected the nation for decades.
“Since the inception of the Boy Child Program, we have held medical camps and feeding programs to reach out to our boys and men across board. Many have expressed a strong desire to be free from the shackles of addiction. My office has a record of thousands on the waiting list who wish to undergo rehabilitation,” said Pastor Dorcas.
Parents, guardians, the house of clergy, psychologists and psychiatrists attended the graduation.
Gatanga MP Edward Muriu said the graduation ceremony was extremely emotional (since he saw many in the audience shed tears after watching the videos of the beneficiaries).
“I did not know the magnitude of this day, and the graduation. When I saw the video of these young men when they were going for rehab, and whom they have become today, dressed in suits; this is indeed transformative,” said MP Muriu.
Deputy Governor-Nyeri David Warui appreciated the boy child program for redirecting the lives of men whose lives had digressed.
“I attended the graduation today, not knowing that I would find one of my grandson’s and another, a friend as some of the beneficiaries. Thank you for bringing back to these men from where they had digressed,” said DG Warui.
Bishop Samuel Munai encouraged the beneficiaries of the program telling them that though they were rejected by society, the same people would start looking for them post-rehabilitation.
“Rejection is sometimes an opportunity for redirection,” said Bishop Munai.
Sister Veronicah N’torukunga who was with the beneficiaries throughout the three-month rehabilitation at their facility commended them for being strong despite the withdrawal symptoms they faced.
The OSDP is working on an end-to-end solution in the rehabilitation of men in the country that includes skilling, reskilling, and entrepreneurship and job placements.
Abu Dhabi Future Energy Company PJSC – Masdar has announced a partnership with Africa50, the pan-African infrastructure investment platform toidentify, fast-track and scaleclean energyprojects across the continent. The UAE’s clean energy champion has signed a memorandum of understanding (MoU) with Africa50 which will work to bridge the infrastructure funding gap and mobilize public and private finance.
Masdar brings its technical expertise and extensive experience in emerging markets, while Africa50 brings its experience developing projects in Africa, which combined can help unlock Africa’s tremendous clean energy potential.
Signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar and Alain Ebobissé, Chief Executive Officer of Africa50 on the sidelines of Africa Climate Summit, the first of four global climate summits ahead of COP28, the agreement will see both parties work collaboratively to catalyze sustainable development of the clean energy sector in Africa.
Masdar, one of the world’s largest clean energy companies and the largest in Africa, committed US$2 billion of equity as part of the UAE finance initiative, which was announced during Africa Climate Summit by HE Dr. Sultan Al Jaber, Chairman of Masdar and COP28 President-Designate. The initiative brings together public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50 is expected to also join this initiative as a strategic partner.
HE Dr Sultan Al Jaber, UAE Minister of Industry & Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “We welcome this important partnership with Africa50 which brings a key stakeholder to the table for an inclusive, equitable and just energy transition. We look forward to working with Africa for Africa. The world must continue to close the gap on climate finance for clean energy investment in the global south which is disproportionately affected by climate change. We need the public and private sectors to work together to deliver clean energy access across Africa – a key mission and objective of Africa50. This can be accelerated in countries with robust regulatory frameworks, clear transition strategies and a real commitment to developing grid structure.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: “As the largest renewable energy company in Africa, through our joint venture with Infinity Power, it is fitting that Masdar, with Africa50, should take this bold step forward which will unlock much needed climate finance for the energy transition. It is a key strategic market for Masdar and we are proud of our long-term partnerships and projects in Africa. Our portfolio today includes Senegal’s first utility-scale wind farm, under Masdar’s Infinity Power Holding platform (IPH), Mauritania’s first and largest solar photovoltaic project, and the development of Africa’s largest wind farm in Egypt with IPH and other partners. With Africa50, Masdar looks forward to unlocking the enormous clean energy potential across the continent,”
Masdar has committed a total of US$10 billion in clean energy finance, of which US$2 billion will be generated from equity, with an additional US$8 billion mobilized from project finance. This landmark investment will target the delivery of 10GW of clean energy capacity in Africa by 2030.
Alain Ebobissé, Chief Executive Officer of Africa50, commented: “Partnerships are key to our goal of scaling up and accelerating the delivery of bankable and sustainable infrastructure across Africa. We are pleased to join forces with Masdar through this signing. We believe that this step will become one of many, on a journey to drive transformative projects that support Africa’s path to net-zero and help builder cleaner economies for future generations.” Africa50 and Masdar will also explore opportunities to collaborate on the implementation of the Alliance for Green Infrastructure in Africa (AGIA) which was launched at COP27 by the African Union Commission, the African Development Bank and Africa50.
The UAE investment initiative sits under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022 and spear-headed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.
Established in 2006, Masdar is the UAE’s clean energy powerhouse. It is active in over 40 countries and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW). Masdar aims to grow this to at least 100 GW by 2030. The company is also targeting green hydrogen production of 1 million tonnes per annum by the same year.
