GEAPP & AFD Group Join Forces to Support Local Financial Institutions in Africa in Support of Mission 300
New initiative positions Africa's public and private development banks as strategic enablers of clean energy access
The collaboration will bolster African financial institutions' ability to support clean energy projects by enhancing their technical and financial capacity, facilitating scalable investments in off-grid technologies and grid infrastructure.
GEAPP and AFD Group's combined investments will support the localization of access to credit lines, accelerate project implementation, and mobilize additional resources from public, private, and philanthropic partners towards clean energy access financing.
CAPE TOWN, South Africa, Feb. 26, 2025 /PRNewswire/ -- The Global Energy Alliance for People and Planet (GEAPP) and Agence Française de Développement (AFD Group) announced today at the Finance in Common Summit (FiCS) their commitment to work together to mobilize up to $5 million of technical assistance to elevate the role of local financial institutions in accelerating clean energy access in Africa. This collaboration will begin with a $1.3M pilot envelope of technical assistance grants from GEAPP, to be complemented with lines of credit from AFD Group. GEAPP and AFD Group's joint investments will direct both technical and financial support to private financial institutions and Public Development Banks (PDBs) in Africa.
The initiative is a direct response to the growing momentum among partners supporting Mission 300, the World Bank and African development Bank's landmark ambition, to deliver affordable and sustainable electricity to 300 million people in Africa by 2030. This builds a critical foundation for crowding-in funding, resources, and tools from public, private, and philanthropic partners to scale up local and global cooperation.
The collaboration is the latest example of how the GEAPP alliance is pooling resources to support catalytic financing for projects that strengthen local financial systems. By enhancing the capacity of African financial institutions at both the regional and national levels, the window will help those institutions become more capitalized and better positioned to deploy long-term and stable resources that are essential for scaling transformative energy technologies. These technologies, such as mini-grids, solar home systems, and grid upgrades, are pivotal in addressing the energy access gap across Africa.
Mission 300 aims to empower economic growth and deliver electricity access to some of Africa's most vulnerable and hard-to-reach communities. While technical solutions such as off-grid technologies and national grid extensions are available, the critical barrier remains a lack of sufficient financing to scale these solutions effectively. Public and private financial institutions at the regional and national levels play a decisive role in unlocking these solutions, offering market-specific expertise, reducing exposure to foreign exchange volatility, and supporting innovative business models by providing much-needed capital and long-term resources.
This AFD & GEAPP initiative will directly address this financing gap by equipping those African financial institutions with the necessary technical, financial, legal, environmental, and social support to strengthen their financial readiness, improve portfolio screening, enhance due diligence capabilities, and support the analysis of portfolio emissions. With these tools, PDBs will be better able to back bankable projects that generate sustainable development in the countries where they operate.
AFD Group's long-term expertise towards public and private finance institutions is at the heart of this collaboration. Support to local financial systems to finance a climate resilient economy represent 25% of AFD Group activity worldwide. In particular, AFD Group has been a pioneer in supporting banks to finance energy access in Africa combining (i) financial approach to provide local partner banks with long-term loans and (ii) technical approach to support and boost the finance market for green investments. In particular, AFD Group successfully launched the Sunref program in 2006 to give companies and local banks the resources to seize opportunities out of the ecological transition (energy efficiency, renewable energy, etc.). AFD Group also launched in 2018 the TFSC (Transforming Financial Systems for Climate) program with the Green Climate Fund in 16 African countries aiming to support financial institutions in financing adaptation and mitigation projects, for a total amount of USD 650 M as of today.
After announcing a EUR 1 bn commitment by 2030 in support of Mission 300 agenda in Dar es Salaam last month, this collaboration allows AFD Group to pursue its work in strengthening local financial systems while mobilizing key stakeholders on its side.
"Through national PDBs and local private banks, we have a unique opportunity to accelerate energy access in Africa by strengthening the capacity of local financial institutions to participate in the objectives of Mission 300. Our partnership with GEAPP and this new initiative, leveraging both philanthropic and institutional funding, proves that FiCS is an ideal platform to support cross-fertilizing partnerships between public development banks and other stakeholders committed to sustainable solutions," said Rémy Rioux, Chief Executive Officer of AFD Group.
"GEAPP is working with AFD Group to pool resources and invest in innovations that will help unlock more funding for Africa's energy access projects," said Woochong Um, Chief Executive Officer of GEAPP. "This is a demonstration of the power of radical collaboration to achieve the Mission 300 goal of connecting 300 million Africans by 2030 is driving us to uncover new solutions, extend the pipeline of commercially viable projects, and create jobs, skills, and better livelihoods in areas where electricity access remains a challenge."
This initiative directly supports the goals of Mission 300, National Energy Compacts (NECs), and UN Sustainable Development Goal 7 (SDG7), which aims to ensure universal access to affordable, reliable, sustainable, and modern energy for all. It will also help foster public-private-philanthropic partnerships, which are essential for project development in emerging markets, and will stimulate new value chains and cutting-edge technologies in the energy sector, including distributed renewable energy systems and electric cooking solutions.
The collaboration between GEAPP and AFD Group highlights the strategic role that Africa's public and private financial institutions play in advancing renewable energy access across the continent. By leveraging local expertise, reducing foreign exchange exposure, and fostering innovation, this new collaboration aims to unlock significant financing for energy access solutions and contribute to achieving the broader goals of Mission 300, Agenda 2030, and SDG7.
About Global Energy Alliance for People and Planet (GEAPP)The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments, technology, policy, and financing partners. Our common mission is to enable emerging and developed economies to shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth while supporting the global community to meet critical climate goals during the next decade. As an Alliance, we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners the IKEA Foundation, The Rockefeller Foundation and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions and assist just transition solutions. For more information, please visit www.energyalliance.org and follow us on Twitter at @EnergyAlliance.
About AFD GroupAFD Group finances and drives the transition to a fairer, safer and more resilient world, working with its partners to support communities all over the world. Drawing on the complementary strengths of its entities – Agence Française de Développement for public financing, Proparco for responsible private investment, and Expertise France for technical expertise – the Group is ideally positioned to meet all sustainable development challenges.
Working in over 160 countries, including France's Overseas Territories and Departments, the Group adapts its operations to the realities on the ground, actively supporting local initiatives. With over 4,000 projects, whose objectives are aligned with the Sustainable Development Goals (SDGs), AFD Group works on behalf of the French people, together with all stakeholders committed to economic development and the preservation of common goods: climate, biodiversity, peace, gender equality and global health. Working by your side, toward a world in common.
View original content to download multimedia:https://www.prnewswire.com/news-releases/geapp--afd-group-join-forces-to-support-local-financial-institutions-in-africa-in-support-of-mission-300-302386016.html
SOURCE The Global Energy Alliance for People and Planet (GEAPP)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
How to dismiss a high-profile employee without a Trump-Musk-style meltdown
Star talent can be hard to retain — and even harder to let go. The public fallout between President Donald Trump and Elon Musk this week may be an extreme example of a hotshot's exit going off the rails, but leadership experts said it underscores just how dicey it can be to part ways with a high-profile team member. "These are folks with big egos," Peter Cappelli, a management professor at the University of Pennsylvania's Wharton School, told Business Insider. "Most of the time they end up in court." Saying goodbye to a prominent employee doesn't have to be dramatic. But don't assume a beefy severance package and a non-disparagement agreement are enough to leave a company unscathed. "If people want to hurt you, they'll find a way to do it," Cappelli said. "Ask divorced couples." How to sever ties with a high-profile recruit When pushing out a high-flyer, employers should frame the person's departure as business as usual, said Ronald Placone, a communications professor at Carnegie Mellon University's Tepper School of Business "You try to normalize it," he said. "Things happen, people move on." Trump initially followed conventional wisdom in how he went about booting Musk from Washington last month. The president orchestrated a warm and fuzzy public send-off, thanking Musk for his service and providing a sensible explanation for his departure—in this case, that the billionaire was going back to focusing on his work at the multiple companies he helms. More common explanations are that the fired individual has decided to pursue other career opportunities, spend time with family, or engage in philanthropic endeavors. This tactic is aimed at protecting both the departee's reputation and that of the employer showing him or her the door. "They come up with a story," said Anna A. Tavis, chair of the human capital management department at New York University's School of Professional Studies. The goal is to avoid hurting the outgoing hotshot's chances of landing a new gig and the company's ability to find a replacement. "It's a question of, how do we save face?" she said. Give people something else to talk about Employers should also aim to draw people's attention elsewhere, Placone said. "One of Trump's strategies that often works is you just flood communication channels with other stuff, stuff you perceive is more favorable to your organization," he said. "You try to take some control by giving as many potential stories as possible so people don't home in on one." Trump did make some big announcements this week, including travel bans on several African countries, but leadership experts say the president also erred by openly rebuking Musk's harsh criticism of his signature tax bill on X. This kicked off the back-and-forth squabble that captured the world's attention on Thursday. "There's no need for that," Placone said. "In these high-profile situations, you want to say as little as possible. You don't want to add weight to the argument the other is putting forth." If Trump instead kept quiet, Musk would have been more likely to stick with critiquing the bill rather than upping the ante by accusing the president of illicit behavior, he said. "It would've eventually fizzled out," Placone said. Why some A-list hires don't last Employers most commonly end up quickly sacking flashy new recruits because they aren't as talented as advertised or they insist on working in a way that doesn't align with a company's culture, Tavis said. It even happens at the very top of the corporate ladder. For example, in recent years, the chief executives of Barnes & Noble, Starbucks, and CNN were pushed out of their jobs after brief tenures. "A lot of times they're overestimating their value," she said of people with a reputation for being above the fray, adding that due to the current tight labor market, notable departures are likely to increase. Sam Faycurry, CEO of artificial-intelligence and nutrition startup Fay in San Francisco, can relate. Last year, he hired a well-known rainmaker after a lengthy courtship only to quickly conclude that the person wasn't a good fit. To avoid bad blood, Faycurry said he tried making it seem as if it was the individual's decision to leave by pointing out how much they disagreed on core principles. "This person ended up exiting themselves" without any hard feelings, Faycurry said, adding that he was relieved because his main concern was being able to refill the position with a better-aligned A-list professional. "If the person is influential in a talent pool you want to recruit people from in the future, there's no benefit to having a relationship fall out," Faycurry said. "You're never truly parting ways."
Yahoo
7 hours ago
- Yahoo
Nucleus Genomics Launches Nucleus Embryo, Genetic Optimization Software Alongside Partnership with Genomic Prediction
Parents pursuing IVF now have a new level of choice to empower their family planning NEW YORK, June 4, 2025 /PRNewswire/ -- With U.S. birthrates plummeting and IVF on the rise, Nucleus Genomics today launched Nucleus Embryo, the first genetic optimization software that lets parents see and understand a complete genetic profile to select an embryo. "Before there's a heartbeat, there's DNA," said Kian Sadeghi, founder and CEO of Nucleus. "One file containing DNA and genetic markers can tell you more about your baby's future than any other test a doctor could possibly run at this stage. Most clinics stop at whether an embryo will develop. For many parents, that's not enough. Patients have long asked for more transparency from clinics, and Nucleus Embryo is an important step toward complete data ownership for parents planning their families." The software enables parents to analyze and compare up to 20 embryos across over 900 hereditary conditions and 40 additional analyses beyond basic viability, spanning cancers, chronic conditions, appearance, cognitive ability, mental health, and more. To widen access to the software, Nucleus will partner with Genomic Prediction, the first company to offer genome-wide screening on embryos. The partnership sets a new standard in genetic medicine, continuing Genomic Prediction's decade-long history of giving hopeful parents the best possible chance of implanting healthy embryos. The company's analyses focus on hereditary conditions, acting as the first line of defense against chronic and rare diseases. "As an organization, we are committed to supporting patients' rights to their DNA and any information that can aid in their family-building journey," said Kelly Ketterson, CEO of Genomic Prediction. "We have a legacy of innovation aimed at providing patients with access to the best scientific resources. Our partnership with Nucleus opens access to information our patients have requested and allows us to uphold our commitment to this legacy." Nucleus' partnership with Genomic Prediction reflects a growing shift in how parents think about genetics as a tool to give children the best possible start in life. A wide-ranging study of Americans found the majority accepted the use of genetic technology to choose embryos based on health and personality traits. Four in 10 parents would use genetic optimization as another tool to understand their future child's cognitive abilities. Most women undergo three to six IVF cycles before successfully having a baby, with each cycle costing up to $25,000. Many embryos are unviable within days of being fertilized, leaving parents with few to choose from. Facing high stakes, clinicians often recommend genetic testing to optimize a couple's chances of a healthy pregnancy. But these tests typically stop at a select number of hereditary conditions and chromosome count. Now, advanced genetic analysis from Nucleus gives parents a new window into the health and well-being of their future child. Nucleus Embryo provides a comprehensive genetic profile for each embryo, encompassing hereditary genetic diseases, like cystic fibrosis and hemochromatosis, alongside genetic measures of cognitive ability, mental health, and risk for chronic diseases. Wide access to genetic insights for embryos can also help extend lifespan from the earliest stages of life. While more than half of all deaths annually in the U.S. are attributed to chronic, age-related conditions — such as Alzheimer's disease, diabetes, cancer, and heart disease — research shows embryonic selection can materially help reduce disease risk for these conditions. "We celebrate health optimization and the pursuit of longevity in every other part of life via our focus on training, supplements, and sleep," Sadeghi said. "We all know health isn't just the absence of disease. It's the ability to understand our bodies and genetic makeup to reach our full potential. Now we can apply this principle to life's inception." About Nucleus Genomics Nucleus builds software for generational health. Inspired by the loss of his cousin who died of a rare — yet preventable — genetic disease, Nucleus founder and Thiel Fellow Kian Sadeghi left an Ivy League university to build a product that could have saved her life. Our advanced DNA health test and analysis takes the guesswork out of your health, whether it's perfecting your protocols, knowing your risk for cancer, or planning for a healthy family. Follow us on social media @nucleusgenomics. About Genomic Prediction Genomic Prediction, Inc. is the frontrunner in advanced embryo screening. Our proprietary LifeView platform is state-of-the-art technology that assesses embryos for genetic health aimed at improved IVF outcomes. The LifeView Embryo Health Score Test (EHS) offers insight into the likelihood of developing conditions driven by multiple genes. It tests for significant health issues, including cardiovascular disease, diabetes mellitus, certain cancers, and mental health conditions. The EHS results are derived from the same embryo sample used in the following PGT tests: PGT-A: Identifies chromosome abnormalities in embryos. PGT-A+: Pinpoints the origin (paternal, maternal, or embryonic) of chromosome abnormalities. PGT-M: Decreases the chances of passing on monogenic (single-gene) conditions. PGT-SR: Detects chromosome abnormalities and structural imbalances, providing clarity between normal and balanced chromosomes. View original content to download multimedia: SOURCE Nucleus
Yahoo
8 hours ago
- Yahoo
Petrobras targets Africa for oil exploration region outside Brazil
Petrobras, the Brazilian state-run oil company, is setting its sights on Africa as its primary region for oil exploration activities outside its home country, reported Reuters, citing the company's CEO Magda Chambriard. She detailed the strategic intent to expand the company's presence in Africa, highlighting the welcoming approach from the Ivory Coast and interest from other African nations. The Ivory Coast has recently paved the way for Petrobras by offering priority access to nine exploratory offshore blocks. This gesture, described by Chambriard as rolling out the "red carpet", signifies a significant opportunity for the company to delve into deep and ultra-deep waters. Chambriard said: "We are experts in the eastern margin of Brazil. The correlation between Brazil and Africa is unequivocal, so we need to go to Africa." Nigeria, Angola and Namibia have also shown eagerness to collaborate with Petrobras, further cementing Africa's role in the company's global strategy. Petrobras' growing interest in international oil assets, particularly in Africa, comes as the company aims to augment its reserves amid environmental permit delays for new drilling projects off the coast of the Amazon rainforest. Moreover, Petrobras is looking to participate in an oil block auction in India in July as part of its broader exploratory ambitions. Under past leadership, Petrobras concentrated on Brazil's pre-salt fields, which are known for their high productivity. Now, Chambriard is tasked with balancing the economic aspirations of President Luiz Inacio Lula with the necessity of delivering investor returns and navigating the complexities of a global market with lower oil prices. Despite challenges in obtaining environmental permits for drilling in the Amazon's Foz do Amazonas region, Chambriard is optimistic about clearing the final hurdle for a permit by the second half of July. Petrobras has already initiated its plans in Africa, acquiring stakes in offshore oilfields in South Africa and São Tomé and Príncipe in 2023 and early 2024, respectively, with drilling expected to commence this year. Although Petrobras faced a setback when outbid by TotalEnergies for a share in Galp Energia's Mopane field discovery off Namibia's coast, Chambriard remains hopeful for future opportunities, stating: "We hope to be invited" to develop the field. "Petrobras targets Africa for oil exploration region outside Brazil" was originally created and published by Investment Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
