The African Development Bank’s board of directors on Monday 14 December 2020 approved $15 million from the Sustainable Energy Fund for Africa (SEFA) and $10 million from the Clean Technology Fund (CTF) to advance African Renewable Energy Fund (AREF) II’s projects to boost low-carbon energy generation in sub-Saharan Africa.

SEFA’s contribution will comprise a package of $10 million in equity and a $5 million reimbursable grant. CTF, part of the Climate Investment Funds (CIF), will...