IFC declared a contract with Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria to hike up the sustainable energy investment in Sub-Saharan Africa initiating with the countries of Kenya, Tanzania, Uganda and Rwanda.

IFC is a member of the World Bank Group. OeEB agreed to donate €2 million to maintain project expansion, faculty building and aiding the financial institutions that comes under the Africa Sustainable Energy Facility.

The capability is a collaborated program by IFC and the European Investment Bank (EIB) to increase investments in the renewable energy and energy efficiency. Both the institutions are contributing at an equal level to the €60 million financing facility while OeEB alongside EIB is contributing extra funding for a support unit that will be identifying and facilitating the investments.

The facility will also include South-South technology swap between private sector players which will be managed by the World Bank Institute.

The facility has already recognized a first round number of investment opportunities. These include small numbers of solar photovoltaic installations, solar lanterns and local energy service companies that can provide revelation effect for further projects.

Michael Wancata, who is the member of the executive board of OeEB, said that the improvement of the access to fresh infrastructure and supporting the supply of clean energy will be acting as two main areas for the work.