Head of the African Development Bank called for an end to loans in exchange for oil or critical minerals used in smartphones and electric car batteries as collateral.
Akinwumi Adesina said such loans lead to undervaluing natural resources of African countries and further erode financial stability prospects.
The transition towards renewable energy and electric vehicles has triggered a surge in the need for essential minerals, which in turn is fueling the increase in such loans.
This week the British Government announced that it would not support a plan by the X-Links Morocco-UK Power Project to
British International Investment has pledged over $300 million to back Egypt’s renewable energy plans, Egypt Today reports. Partnering with
Egypt has launched commercial operations at its second large-scale wind farm in the Gulf of Suez, according to Renewables Now.
China’s Sunrev will invest $200 million to build a solar manufacturing complex in Egypt’s Suez Canal Economic Zone,
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