MIGA, ISA launch solar facility in Sub-Saharan Africa

09 Sep 2024 CW Team

The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA) have jointly launched the MIGA-ISA Solar Facility, a multi-donor trust fund aimed at promoting the adoption of solar energy. This facility will offer concessional financing tools, such as first-loss instruments and reinsurance, to improve project bankability and reduce the cost of MIGA guarantees. Initially focusing on Sub-Saharan Africa, the facility has plans to expand globally.

ISA has contributed $2 million in seed funding and aims to reach $10 million for the facility. Dr. Ajay Mathur, Director General of ISA, expressed the organisation's enthusiasm for collaborating with MIGA to provide affordable guarantee solutions for decentralized solar projects in Africa. The facility will also help MIGA increase its guarantee issuance, mobilizing private capital for solar and distributed energy projects. This initiative is part of ISA?s broader Global Solar Facility, which has set a $200 million target for Africa.

Previously, MIGA and ISA collaborated on a solar project in the Democratic Republic of Congo, where MIGA guarantees and ISA financing lowered operating costs by about 20%, resulting in reduced tariffs. It was noted that approximately 675 million people currently lack access to electricity, and projections indicate that 660 million could remain without power by 2030 without significant intervention.

Hiroshi Matano, Executive Vice President of MIGA, expressed the agency?s excitement about hosting the MIGA-ISA Solar Facility and supporting Sub-Saharan Africa in gaining access to reliable and clean electricity. The World Bank and African Development Bank are working towards providing electricity to 300 million people in Africa by 2030. ISA, which has 119 member countries, is focused on launching its Global Solar Facility, starting with a $200 million target for Africa, to provide cost-effective financing for solar projects.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..