Korea International Cooperation Agency supports rAREH Technical Assistance facility
The Korea International Cooperation Agency (KOICA) and responsAbility Renewable Energy Holding (rAREH) are teaming up to drive the development of renewable energy generation in Sub-Saharan Africa. KOICA today announced that it has donated USD 1m to rAREH’s dedicated Technical Assistance facility.
To ensure rAREH’ success in developing renewable energy projects in Sub-Saharan Africa, the company is endowed with an associated Technical Assistance (TA) facility. Funded separately from the company, the facility is tasked with building capacity by financing geotechnical, hydrological or feasibility studies and facilitating access to know-how and expertise for local project promoters.
Joining existing donors KfW and NDF, the Korea International Cooperation Agency has donated USD 1 m to this facility, bringing the total amount of funds available to facilitate the implementation of renewable energy projects across the continent to USD 3.2 m.
KOICA President Lee Mikyung declared: “It is critical to provide assistance in responding to the climate change in developing countries through international development and cooperation in order to achieve the Sustainable Development Goal #13 and the goals for the Paris Agreement.”
Speaking on behalf of rAREH, Executive Director Joseph Nganga explained: “In Sub-Saharan Africa, there is an abundance of small- to medium-sized energy projects waiting to be developed. To make them financially viable, funding support is needed in the preparation phase to overcome the hurdle of high upfront costs. The TA facility has been a catalyst in bringing a whole number of environmentally friendly smaller-scale projects to fruition, and we look forward to relying on this important support also in future.”
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The Korea International Cooperation Agency (KOICA) was established as a government agency in April 1991m KOICA has played a critical role in Korea’s ODA for developing countries by implementing the government's grant aid and technical cooperation programs. KOICA aims to realise sustainable socio-economic development and the eradication of poverty in developing countries; and contribution to global issues related to international development cooperation to harmonise development efforts with those of the international community.
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