COMESA says about $425 Million financed by the World Bank has been allocated for the provision of loans to viable infrastructure projects with private sector interest.
COMESA Energy Economist Malama Chileshe says the off-grid the renewable energy project will be co-implemented by COMESA and the Trade and Development Bank, aims at supporting the creation of an environment that is conducive for private sector investment in infrastructure.
Mr. Chileshe says renewable energy is one of the main focus areas of the regional infrastructure finance facility (RIFF).
He has told Hot FM News that to gain a better understanding of the subsector, COMESA commissioned a study on off-grid renewable energy in the region which has since been concluded.
Meanwhile regional infrastructure finance facility Policy and regulatory Expert Ahid Maeresera said there is a boom in the installed capacity of renewable energy in the world but Africa is only receiving two percent of the energy.
He has insisted the need for commercial banks to understand the importance of providing finance for renewable energy projects.