Citi To Source $2.5 Bln To "Power Africa"

(RTTNews) - Citigroup Inc. (C) said Tuesday that it has pledged to source $2.5 billion in incremental capital to improve access to electricity for millions of people across Africa as part of the "Power Africa" initiative.

Power Africa is a multi-stakeholder partnership between the US Government, governments of several African countries and other public and private sector entities, working to accelerate investment in Africa's power sector over the next several years.

Citi will also leverage its financing expertise in renewable energy to encourage the adoption and implementation of the appropriate technologies for specific markets. The bank will work with key stakeholders in local capital markets to introduce innovative debt securities and to enhance financial infrastructure.

Citi operates in over 40 countries in Africa with offices in 16 countries, including key markets such as Nigeria, Ghana, Kenya, Tanzania and South Africa.