Mali has received $1.5 million from the Scaling-Up Renewable Energy Program in Low Income Countries (SREP) of the Climate Investment Funds (CIF), the African Development Bank (AfDB) said Thursday. The AfDB said in a statement that the SREP financing would benefit the Project for Scaling-Up Renewable Energy in Mali (PAPERM).
Following the grant approval, Alex Rugamba, director of the AfDB’s Energy, Environment and Climate Change Department, said, “The bank actively participated in the preparation of the SREP investment plan for Mali.”
He said AfDB would support the implementation of three of the four projects that it contains, including the Project for Scaling-Up Renewable Energy in Mali.
Rugamba added that through PAPERM, the bank seeks to support Mali in transforming its energy sector and improving the environment for future investments in renewable energy.
Mali has great renewable energy potential, which remains largely untapped to date.
The country’s Strategic Framework for Growth and Poverty Reduction 2012-2017, however, plans “to make renewable energy the main energy source in the country.”