EDITOR’S NOTE: Don’t the European politicians have any thing better to do with their money? The African dictators like Meles Zenawi will steal most of the fund. What Africa needs is accountable governments, not handouts.
ADDIS ABABA (Reuters) – The European Union has set aside 1 billion euros to fund power generation in several African states under a two-year partnership deal with the African Union to enhance investments in the sector.
Experts say Africa needs to spend an estimated $560 billion by 2030 to generate an additional 260,000 megawatts (MW) of power.
Countries to benefit from the EU windfall will include Senegal, Namibia, Ethiopia and Kenya, EU Development Commissioner Louis Michel told a news conference.
EU Energy Commissioner Andris Piebalgs said the agreement, which runs from 2008-10, would also promote energy interconnection projects between Africa and Europe.