The Finnish Ministry of Foreign Affairs has announced that the government intends to allocate 114 million euros ($ 131.75 million) to boost the continent’s capacity to generate electricity, according to the Middle East News Agency.
Finland will provide these amounts in climate and energy businesses that will be launched in developing African countries over the next four years within the next 25 years as they are supposed to be returned along with the benefits to Finland.
Finland has already invested € 3 million in a major project for the Jaya Energy Power Plant based in Morocco. The project includes the construction of 22 power plants, mostly wind power, in nine African countries (Côte d’Ivoire, Ghana, Ethiopia, Kenya, Tanzania, Nigeria, Tunisia, Algeria and Morocco). The World Bank has also invested its funds there, while there is still a demand for private investment to complete these projects. When completed, wind power plants will expand Africa’s capacity to produce wind energy by about 50%.