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Norway will contribute NOK 300 million (about $44.674 million) to Green Africa Power, which is intended to encourage commercial actors to invest in sub-Saharan Africa, Minister of Foreign Affairs Børge Brende said on Saturday.According to Brende, more than 700 million people in Africa lack electricity, and the continent is in urgent need of investment in renewable energy.
Brende announced Norway’s support during his address at the fourth Norwegian-African Business Summit in Oslo. This is the largest Nordic business conference on Africa.
Green Africa Power was set up to stimulate private investment in renewable energy projects in sub-Saharan Africa and it is run by the Private Infrastructure Development Group (PIDG), which Norway has just joined.
The UK has already made a substantial contribution to the fund.
â€œWith the additional funding from Norway, our two countries will be joining forces to fund renewable energy projects, reduce carbon dioxide emissions and improve access to clean energy for millions of people in Africa,â€� said Brende.
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