JOHANNESBURG, South-Africa, August 6, 2014/ -- Standard Bank Group Africa's largest lender by assets, has renewed its commitment to the Power Africa Initiative, a multi-stakeholder project driven by US President Barack Obama, which aims to double access to power in Africa by significantly accelerating investment in the sector over the next five years. The US government has committed more than US$7 billion dollars in financial support to Power Africa over five years.
(from left to right) Dr Donald Kaberuka President of AfDB, David Mark Rubenstein co-founder and co-chief executive officer of The Carlyle Group and Mr Sim Tshabalala, Chief Executive of Standard Bank Group, during the panel discussion at the African Leaders Business Forum
Power Africa aims to add more than 10 000 megawatts of cleaner, more efficient electricity generating capacity, and in the process electrifying at least 20 million new households and commercial entities with on-grid, mini-grid, and off-grid solutions. The six initial partner countries - Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania - have set ambitious goals to boost their power generating capacity with the ultimate aim of enhancing energy security, decreasing poverty and fostering economic growth.
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