The Climate Investment Funds (CIF) has agreed to provide Nigeria with $50 million to support an African Development Bank-backed program of financial intermediation for renewable energy and energy efficiency through local banks.

The money, being provided under the CIF’s Clean Technology Fund (CTF), is designated to stimulate alternative and efficient ways to generate electricity and to reduce dependence on energy sources which contribute significantly to greenhouse gas emissions.

The CTF money will complement support provided through the AfDB private sector window, to help the country address energy efficiency in critical sectors such as power, agribusiness, transport, telecommunications, and education, by targeting local financial institutions to invest and support the shifts to clean, efficient and affordable energy in the sectors.

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