African Development Bank And European Commission Commit Capital Into SPARK+ Africa

We are very pleased to announce the African Development Bank Group’s and European Commission’s commitments of catalytic first-loss capital into SPARK+ Africa, a first-of-its-kind impact fund investing debt and equity in companies throughout the clean cooking value chain across Sub-Saharan Africa (SSA).

SPARK+ Africa is a pioneering USD 50-70 million impact investment fund launched by Enabling Qapital and the Clean Cooking Alliance to channel debt and equity financing to enterprises that manufacture, distribute and finance clean cooking solutions across Sub-Saharan Africa.

890 million people in SSA lack clean, modern cooking solutions. This costs society an estimated $330 billion per year due to poor health, poverty, climate change, and environmental impacts.

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In addition to delivering clean cooking technologies, the investment is expected to reduce carbon emissions by 15.9 Mt of CO2 equivalent, by cutting emissions from the use of inefficient stoves and open fires and forest degradation for wood fuel.

#MOVINGMONEYTOMEANING

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AFRICAN DEVELOPMENT BANK

EUROPEAN COMMISSION