Sub-Saharan Africa - Energy: A multifaceted divide

N°03

July-September 2013

SuB-SAHARAN

aFRICA A F D ’ S S U B - S A H A R A N A F R I C A D E PA RT M E N T N E W S L E T T E R

Editorial

Energy: A multifaceted divide “

A

ccess to electricity is fundamental to opportunity in this age. It’s the light that children study by, the energy that allows an idea to be transformed into a real business. It’s the lifeline for families to meet their most basic needs, and it’s the connection that’s needed to plug Africa into the grid of the global economy.” These are the words US President Barack Obama used in a speech he made, during a very recent African tour, to introduce the announcement of a US initiative (Power Africa) to double access to electricity in Sub-Saharan Africa. They do, of course, echo the Sustainable Energy for All initiative launched by the UN Secretary-General less than a year ago. Well before the US President’s recent declarations, households and citizens in African countries, civil societies, entrepreneurs, public policies and donors had all identified the lack of access to energy as the main barrier to Africa’s development and had made access to electricity for all a primary objective. Today, there is thus widespread agreement on the diagnostic: an uncontested energy divide exists between Sub-Saharan Africa and the rest of the world. This divide may increase even further, since annual growth in power generation capacity barely offsets population growth. Today, it affects the living conditions of 600 million people in Sub-Saharan Africa without access to electricity and has an impact on the development of business activity and the economy in these regions. While the US initiative to earmark USD 7bn of public funds and USD 9bn of private funds over the next five years should be welcomed, it is unfortunately a drop in the ocean compared to the USD 280bn required to finance access to electricity for all in Sub-Saharan Africa by 2030.

In addition to this first divide, there are at least two others. The aggregate figures mask extremely different realities between countries and between regions. The wealth of mineral deposits or water systems varies from one country to another and the lack of regional generation facilities, combined with the incomplete interconnection grids, means that the least advantaged countries cannot benefit from their neighbors’ assets. The level of external dependence, particularly on hydrocarbon imports, leads to differences in the price per kWh from one country to another. Furthermore, there are marked regional imbalances within the countries themselves. Communities in suburban and rural regions have a much lower level of access to electricity than communities in major and secondary cities. While 31% of the population benefits from an electricity service in Sub-Saharan Africa, this proportion falls to only 12% for communities in rural areas.

Yet Sub-Saharan Africa has a wealth of different abundant and underexploited energy sources. Its water systems, sunshine and biomass, along with its gas and oil resources, are increasingly the subject of new discoveries and potential and are becoming a growing focus of attention. The current Chinese models that aim to bridge Sub-Saharan Africa’s energy divide should rapidly increase the level of generation and give communities greater access to an electricity service. However, the economic, social and environmental sustainability of the energy models that have been selected constitutes a core local, regional and global issue. This edition of Sub-Saharan Africa reviews the challenges of access to sustainable energy.

Yves boudot Director of AFD’s Sub-Saharan Africa Department

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FEATURE

FOCUS: ACTIVITY

African agenda

Sustainable energy and access to electricity

AFD and energy

3rd quarter 2013

AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

leFeature dossier

Producing sustainable energy and gaining access to a reliable electricity service in Sub-Saharan Africa

producing sustainable energy and gaining access to a reliable electricity service in sub-saharan africa If Sub-Saharan African countries are to have universal access to electricity, they must invest heavily in the sustainable and controlled exploitation of available resources.

This objective requires proactive public policies and innovative private initiatives.

Access to electricity in Sub-Saharan Africa In its World Energy Outlook 2012 report, the International Energy Agency (IEA) estimates that 1.3 billion people do not have access to electricity.

In Sub-Saharan Africa, two inhabitants out of three do not have access to electricity.

S

ome 600 million Africans do not have access to electricity. While the average access rate in Sub-Saharan Africa stands at 58% in urban areas, it is only 12% in rural areas.

Review of Sub-Saharan Africa There are wide disparities between countries, ranging from 70% in South Africa to 10% in Burkina Faso, Tanzania and Uganda, with less than 5% in rural areas in these countries. The total power generation capacity of the 48 Sub-Saharan African countries, excluding South Africa, stands at 28 gigawatts (GW), which is equivalent to the capacity of Argentina. The average cost of the power generated stands at USD 0.18/kWh and is almost double that of other developing regions.

This situation explains the low level of per capita energy consumption, which stands at an average of only 460 kWh a year, and is even as low as 125 kWh without South Africa, against 1,155 kWh in the developing world, and 10,200 kWh in high-income countries.

For communities who are not connected, the available energy sources are mainly wood, charcoal and plant residues for cooking. Indeed, traditional biomass still accounts for between 60 and 90% of energy balances in Sub-Saharan Africa, with alarming environmental impacts in some regions due to excessive forest exploitation. Liquefied petroleum gas (LPG) and kerosene for cooking and lighting, batteries for small electrical appliances, batteries for televisions and some stand-alone photovoltaic solar modules complete these energy sources and mean that these communities have to pay a price per kWh for their energy that is several times higher than the price paid by communities who are hooked up to the grid.

To reduce this energy divide, it is necessary to both establish widespread electrification and modernize biomass energy sectors.

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Towards universal access, but at what cost?

The “Sustainable Energy for All” (SE4All) initiative, launched in early 2012 by the UN Secretary-General, underscores the pressing need to simultaneously address the intersecting challenges of access to energy, development and the fight against climate change. For Sub-Saharan Africa, efforts will focus on the objective of access to energy for all with two targets: access to electricity and sustainable access to domestic fuels.

Africa only accounts for between 3 to 4% of global greenhouse gas emissions, for 15% of the world’s population. Given the low level of household consumption, electrification in Africa will only have a moderate impact in terms of increased emissions.

However, considerable amounts are required to engage in the energy transition and achieve access to electricity for all. The World Bank puts the figure at USD 860bn by 2030. For Sub-Saharan Africa, it stands at USD 280bn, including USD 193bn for distribution and USD 87bn for generation and transmission.

These needs largely exceed the current levels of investment in the sector. Traditional public budgetary resources, official development assistance and private investments in the sector will not be sufficient.

Consequently, the SE4All initiative will need to rely on new and massive voluntary contributions.

Donors can provide assistance to make certain unprofitable investments viable and finance technical assistance, mainly to build the capacities of players in the sector and develop institutional and regulatory frameworks.

And under what conditions?

In addition to the available financial resources, a sustainable and comprehensive electrification policy must be based on four core principles.

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The electricity sector in Sub-Saharan African countries must first and foremost be consolidated by addressing the current shortcomings, particularly in terms of tariff setting, the weak performance of operators and the high technical and non-technical losses, which stand at around 30-35%.

It is also necessary to ensure that there is a permanent high-level political commitment to plan, prioritize and optimize solutions.

The predominance of “off-grid” housing , which is mainly located in sparsely populated rural and periurban areas, needs to be taken into account. This leads to a high connection cost per household, meaning that subsidies are initially required to finance investments in rural areas in Sub-Saharan Africa.

Finally, the institutional model and technical solutions need to be tailored to local contexts. The primary criterion is to establish entities with the financial capacity, skills and authority required to ensure that programs are successful.

Rima Le Coguic Deputy Director of AFD’s Transport and Sustainable Energy Division

usd 280bn

to finance access to electricity for all in Sub-Saharan Africa Electrification in Africa by 2030

+1.3%

of global CO2 emissions

AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

leFeature dossier

Producing sustainable energy and gaining access to a reliable electricity service in Sub-Saharan Africa

Hydropower in Africa: Proven potential and need to control risks Hydropower is a highly competitive energy generation method. In Sub-Saharan Africa, if the social and environmental impacts of its exploitation are controlled, it can provide an important response to the challenges of access to a reliable electricity supply for countries, populations and enterprises.

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ydropower is currently by far the main source of renewable energy in the world and its share in power generation is higher than for nuclear energy.

Widely underexploited potential A considerable amount of resources in developing and emerging countries are still not exploited, particularly in Africa, where energy needs are widely unmet. Africa alone holds 10% of the world’s economically exploitable water reserves. Yet 92% of this potential is currently not exploited. The International Energy Agency (IEA) estimates the future capacity that remains to be installed in Africa at 283 GW. In reality, these overall indicators mask extremely varied situations. For example, in the Central Africa Economic and Monetary Community (CEMAC), over 60% of energy produced is hydro-based. This proportion even reaches almost 100% in the Central African Republic. In the Economic Community of West African States (ECOWAS), however, this energy source accounts for less than 1/3 of power generation.

Finally, the average price per kWh for hydropower generated in Sub-Saharan Africa stands at USD 0.01, against USD 0.04 for coal and almost USD 0.30 for generator sets. Consequently, hydropower is likely to make a significant contribution to electricity supply in Sub-Saharan Africa, at contained prices and on a sustainable basis.

In this region, the issue of developing hydropower plant projects is highly relevant. But it does raise a number of risks, which have been revealed by certain projects with poorly managed environmental and social impacts.

Controlling and managing environmental and social risks In terms of environmental and social aspects, the issue of mitigating negative impacts and sharing the benefits from dams is raised right from the design stage to the construction and operation of the facilities. Mitigating impacts on biodiversity and ecosystems continues to pose a challenge, especially due to the fact that these impacts are often irreversible and can have an effect on extremely vast areas, sometimes right up to the river mouths.

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The social impacts may concern population displacement, but also involve a loss of access to economic activities, land, natural resources or cultural heritage.

To ensure that the communities in question will benefit from these large-scale structural facilities, projects need to integrate fully-fledged local development components right from the start of the implementation phase, including from an environmental perspective. During the forum on large-scale dams, the main donors took account of these requirements and are establishing safeguards to meet this twofold environmental and social challenge.

safeguards are systematically taken into account in these major projects.

Christian de Gromard Energy expert in AFD’s Transport and Sustainable Energy Division Jean-Noël Roulleau Head of AFD’s Environmental and Social Support Division

Hydropower plants: existing or under construction Number of power plants

Capacity (MW)

Cameroon

Tailoring approaches to contexts This developable potential in Africa and the integration and management of environmental and social risks suggest that approaches tailored to the diversity of situations and challenges should be proposed.

The rehabilitation of existing dilapidated hydropower facilities is now required in a number of countries and can constitute an initial upgrading effort.

Small and medium-sized hydropower continues to be underdeveloped in a number of African countries. Yet it provides an opportunity to develop projects with high local impacts and with negative impacts on ecosystems and communities that are easier to manage. It requires specific modes of action, which can involve the private sector and for which donors can offer appropriate financing.

Large-scale hydropower facilities, installed on major cross-border rivers, for their part promote regional integration. Large-scale hydropower provides the electrical power required

by African megacities and enterprises and allows certain countries that are reliant on hydrocarbon imports to mix their resources by purchasing cheaper renewable energy. However, the financial structuring and institutional arrangements for these investments continue to be complex.

Given the scale of the financial amounts required, most of Africa’s major hydropower projects will only come about through cofinancing involving multilateral and bilateral donors. It is today also a way of ensuring that environmental and social

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44 96 36

Ethiopia 7

7 1 Uganda 6

8

42

3 1 15

22

Côte d’Ivoire

Congo

53 Tanzania 25 Small (‹ 10MW) Large (› 50MW)

Medium (entre 10 et 50MW)

A very small number of large-scale plants have a sufficient capacity in certain countries. Medium-sized hydro is of interest in terms of the number of units (3 to 5 sites with a potential to be equipped in the countries listed), with a capacity input that continues to be considerable in many African countries. Finally, small power plants have significant potential in terms of number and are important for the local development of secondary urban centers or local industries.

AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

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Producing sustainable energy and gaining access to a reliable electricity service in Sub-Saharan Africa

On track for public policies to promote renewable energies and energy efficiency?

Climate change and energy are now central to sustainable development policies in both developed and developing countries.

Kenya and South Africa have set out to meet their different strategic issues by deciding to promote renewable energies and energy efficiency.

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ith 60% of its installed capacity based on renewable energy, Kenya is recognized for the contribution it makes to renewable energy development in Africa.

Energy security and renewable resources in Kenya The fact that its generation system is heavily reliant on hydropower (46% of installed capacity) does, however, make the country particularly vulnerable to climate hazards. In addition to hydro potential, Kenya has huge geothermal, wind and solar potential, which is still widely unexploited. In the geothermal sector, this potential is estimated at 7,000 MW, with only 200 MW installed.

In Kenya, non-hydro renewable energy exploitation is considered as a strategic way to strengthen the country’s energy security and free itself from costly fossil fuel imports, while improving the system’s resilience to droughts, which cause recurrent electricity shortages. This will allow the country to meet strong growth in demand and to maintain its independent supply over the long term faced with the emergence of Ethiopian hydropower or Tanzanian gas power, while meeting the global objectives to fight against climate change.

Kenya today has the ambitious objective for 2030 of raising its geothermal capacity by 5,000 MW and its wind power capacity by 2,000 MW. Major projects are under preparation and should come into being over the next years. Renewable energies also offer a viable option for the industrial sector via cogeneration, small-scale hydropower, or for the electrification of remote sites by installing hybrid systems combined with mini-networks.

South Africa’s strategy focuses on domestic and regional markets Southern Africa has abundant energy resources, which include fossil fuels such as coal, oil and gas, but also renewable energies with waterways that hold sizeable potential in the north, and intense sunlight in the south. However, unlike Kenya, renewable resources are still underexploited at regional level and coal still supplies 80% of the energy

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mix of the South African Power Pool (SAPP). The latter is widely dominated by South Africa, which produces 93% of its electricity using coal.

South Africa has made international commitments on climate and hosted the COP17 in 2011. This demonstrates its aim to catch up in terms of climate and energy policies. The South African Government plans to massively introduce renewable energies exploited by the private sector, strengthen energy efficiency and develop hydropower imports produced by its neighbors. These choices made by “Africa’s economic engine” could bring about a knock-on effect at regional level. With some 80% of SAPP’s total capacity, South Africa is the only credible electricity purchaser in Southern Africa.

Its role is thus essential to the viability of large-scale regional dams in Mozambique or DRC. In terms of industry and the related employment, the opening of renewable power generation to the private sector represents a market on a scale large enough to develop a renewable energy industry in South Africa, which would subsequently aim to export to neighboring countries. This dissemination is also possible for the energy efficiency sector in industry and services, for which innovative financing mechanisms are being developed in the sector in South Africa, with real potential to be reproduced. They support the emergence of a market that targets entrepreneurs and industry, but also households and household equipment.

A long road towards sustainability There is still a long way to go to achieve a mix in Southern Africa’s power generation resources.

Indeed, 53% of generation projects implemented until 2016 are coal-based. The difficulties to implement projects common to several countries, and the weak technical and political capacity of the Southern African Development Community, have for the time being prevailed.

In Kenya, large-scale renewable energy development comes up against considerable technical, financial and political barriers. These technologies require mobilizing USD 7bn by 2016, the rapid introduction of innovative policies and financing

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instruments, as well as the development of an appropriate technical expertise and workforce.

These are significant barriers that both countries still need to overcome in order to give themselves the means to match their ambitions.

Maitane Concellon Project officer at the AFD Nairobi agency Damien Navizet Head of the Climate Change and Energy Management Bureau, Directorate of European and International Affairs, at the Ministry of Ecology, Sustainable Development and Energy

60 %

of kenya’s

installed capacity comes from renewable energy

kenya’s

geothermal potential is estimated at

7 000 Mw

South Africa accounts for

80%

of South African Power Pool’s installed capacity

“The South African Government plans to massively introduce renewable energies exploited by the private sector.”

AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

leFeature dossier

Producing sustainable energy and gaining access to a reliable electricity service in Sub-Saharan Africa

Commercial banks, a driver to support energy transition In addition to large-scale power infrastructure, substantial energy savings can be made by a large number of Sub-Saharan African enterprises.

African commercial banks are partners of the private sector and, as such, are becoming increasingly aware of the central role that they can play in financing the energy transition.

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nergy efficiency (upgrading of industrial systems, reduction of energy consumption in residential buildings, etc.) and renewable energy development (biomass, solar, etc.) allow companies to reduce their energy bill and have a more regular energy supply.

Sustainable energy market still lacks maturity Despite proven potential, bank financing for energy efficiency and renewable energy investments remains limited due to an array of technical and financial barriers. Firstly, national regulatory frameworks are not always suitable for small-scale sustainable energy financing. Secondly, the lack of local expertise to support the analysis of the feasibility of the investment (technological choices, feasibility studies, audits) also raises problems.

Finally, it is also worth noting that skills to analyze these projects, and the risks associated with structuring them, remain limited in banks. Small businesses are often perceived as being more risky, with limited capital and a lack of real guarantees backed to the credit.

However, there is an intermediate market between large companies, which are regularly financed by local banks, and companies that would not be in a position to benefit from credit.

But plenty of business opportunities for commercial banks

clients will be less exposed to volatile energy prices, their cash flows will be improved and the likelihood of them defaulting will be reduced.

Donors to catalyze these dynamics Donors are contributing to the emerging awareness of African commercial banks and are supporting these financial institutions, with the aim of triggering financing for sustainable energy projects.

Donor support may firstly involve offering longterm financial instruments (loans, guarantees in local currency or equity financial resources) and, secondly, contributing to technical capacity building for companies and banks.

Capacity building programs are a core element.

They specifically involve helping banks to identify innovative energy projects and to appraise the related loan applications. These programs also devote special attention to raising awareness and helping companies to design their investments.

Consequently, research must be conducted on these new financing opportunities in order to boost sustainable energy generation by companies, which constitutes the private sector’s first step towards a sustainable development of the economy.

Céline Bernadat Project manager in AFD’s Private Sector, Banks and Local Authorities Department

Certain African commercial banks are becoming aware of the business opportunities offered by financing energy efficiency and renewable energy investments, particularly in the economic sectors that they usually finance (industry, agriculture, construction, tourism, etc.).

The commercial attractiveness and high potential for replication of investments will ensure that a sustainable market will be developed in which banks could develop new products. Furthermore, commercial banks can also view them as an indirect opportunity to improve the quality of their portfolios, by increasing the competitiveness of their clients who have made substantial energy savings. These

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Favorable climate for clean energy financing by the private sector in Sub-Saharan Africa

Energy use rose by

2.7 %

between 1990 and 2010

CO2 emissions rose by

56%

between 1990 and 2009

Average annual population

growth stands at

2.6 %

57%

of power generation is coal-based

Domestic credit to the private sector accounted for

61,8 % of Gross Domestic Product in 2011

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AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

Activity

In Sub-Saharan Africa

AFD’s main operating methods to scale up access to sustainable energy in Sub-Saharan Africa In 2012, financing for access to sustainable energy in Sub-Saharan Africa mobilized over a quarter of AFD Group’s financial commitments for the region (EUR 515m). The priority given to providing access to energy in the countries where AFD operates and the scale of the required investments, which by their very nature are considerable, make sustainable energy AFD’s main area of operation in Sub-Saharan Africa.

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FD meets the priorities of the development policies in the countries where it operates – in partnership with the other actors who finance these economies – by focusing its efforts on four complementary objectives.

Four complementary objectives FD has for many years been supporting the A required development of energy supply in Africa. The aim is to make a financial contribution to meeting the challenge of power generation and, specifically, to highlight Sub-Saharan Africa’s renewable potential, which is often hydro-based.

PROPARCO, AFD’s private sector financing arm, supports opportunities for private power generation by giving priority to low-carbon projects.

Regional power interconnections, as well as the development of effective transmission and distribution grids tailored to the new demand, are also a priority. The aim is firstly to open up regions, countries and people and, secondly, to improve the energy mix in the countries that are the most reliant on hydrocarbon imports.

Energy access projects are also closely followed, particularly projects for communities in rural and suburban areas.

Finally, Sub-Saharan Africa is the focus of financing for actions to build the capacities of stakeholders and for support to public energy policies.

AFD implements this approach by mobilizing its diverse and complementary operating methods.

Subsidized loans to States and public enterprises Consequently, energy infrastructure projects for generation or transmission, of a national or regional interest and mainly led by States or their operators, can benefit from financing via AFD’s subsidized sovereign loans. This operating method recently made it possible to finance the construction of a hybrid photovoltaic solar power and thermal power plant in Mauritania via a EUR 19m loan, thus providing an electricity supply to the country’s second largest city and promoting the emergence of an alternative sector to fossil

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fuels. As the energy sector is profitable, and due to the increasing constraints on their borrowing capacity, many States do not wish to – or can no longer – provide their guarantees for energy projects. Non-sovereign loans can thus help profitable projects with controlled risks to materialize with viable financial counterparts. For example, a EUR 141m non-sovereign loan allocated in 2011 to the Ghanaian public operator for power transmission (GRIDCO) financed the reinforcement of the national grid and the interconnection with Burkina Faso. Similarly, in 2009, a EUR 45m non-sovereign loan to Ethiopia’s public electricity operator partially financed the first 125 MW wind farm located in the north of the country, for which the contract was awarded to Vergnet Wind Turbines.

be necessary for financing based on loangrant blending in order to develop less profitable projects. This particularly concerns access, renewable sectors that are not yet sufficiently profitable, or structural power infrastructure at the regional level. In 2012, a EUR 75m loan to BOAD to finance public projects for sustainable energy development in the WAEMU zone was combined with an AFD grant, which financed capacity building for the regional bank’s energy teams tasked with implementing this financing.

Local banking intermediation Banking intermediation for loans and guarantees via local financial institutions promotes financing for projects with lower unit amounts. It also leverages AFD’s action, particularly for investments in energy efficiency or self-generation based on renewable energy. For example, in 2013, AFD allocated a EUR 23m loan to a Ugandan bank to finance energy efficiency and renewable energy projects led by the country’s enterprises.

AFD’ s funding approvals in the energy sector in Sub-Saharan Africa in 2012 By financial instrument

13%

1% GRANTS

Proparco

Support for the private sector PROPARCO’s market-rate loans and equity or quasi-equity instruments support the developers and promoters of private generation projects. For example, the private operator with a concession to build and operate the Bujagali run-of river dam on the White Nile in Uganda has benefited from a USD 72.8m PROPARCO and AFD loan. This 250 MW power plant will eventually alone generate almost half of the electricity required by the country.

43%

43%

NON-SOVEREIGN LOANS

SOVEREIGN LOANS

By type of project

27%

7%

SUPPORT FOR PUBLIC POLICIES

THERMAL GENERATION

Grants F i n a l l y, g ra nt s a re o n l y m o b i l i ze d to f i n a n ce te ch n i c a l a s s i st a n ce i n o rd e r to support energy policies or operators, particularly for upgrading programs in the power sector. However, grants continue to

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30%

36%

TRANSMISSION AND DISTRIBUTION

SOLAR GENERATION

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African agenda

For the 3 rd quarter of 2013

Events from 8 September to 30 October 2013

International Literacy Day 8 September C onference:“Education and Development” 10 to 12 September, Oxford, UK friwater 2013 A 17 to 20 September, Johannesbourg, South Africa onference of Ambassadors C 27 to 30 August, Paris, France C onvergences 2015 World Forum 17 to 19 September, Paris, France Franc Zone Meeting 2 and 3 October, Paris, France 4D Conference: Agro-ecology and Food Security ID 3 October, Paris, France frica Power Forum A 10 and 11 October, Abidjan, Côte d’Ivoire I MF and World Bank Annual Meetings 11 and 12 October, Washington DC., USA 4D Conference: How to Revive ID the Sahelian Economy?

17 October, Paris, France

SuB-SAHARAN aFRICA

AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER

Published by Agence Française de Développement, and edited by the Sub-Saharan Africa Department 5, rue Roland Barthes,75012 Paris.

Telephone: 01 53 44 37 50. www.afd.fr Director of Publications: Anne Paugam Deputy Director of Publications: Yves Boudot Editorial Director: Benoît Verdeaux Editorial team: Philippe Chedanne, Jean-François Almanza, Vanessa Jacquelain, Estelle Mercier, Benoît Verdeaux.

Contributors to this edition: Rima Le Coguic, Christian de Gromard, Jean-Noël Roulleau, Maitane Concellon, Damien Navizet, Céline Bernadat.

Graphic design: 15, rue Ambroise Thomas 75009 Paris, Telephone: 01 40 34 67 09, www.noise.fr / Publication and coordination: Lionel Bluteau and Marion Pierrelée.

onférence ID4D Comment relancer C l’économie sahélienne 24 October, Paris, France frican Economic Conference A 28 to 30 October Johannesburg, South Africa

The analyses, interpretations and conclusions of the articles in this Newsletter are formulated under the sole responsibility of their authors. They do not necessarily reflect the viewpoint of AFD directors.

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AFD’S SUB-SAHARAN AFRICA DEPARTMENT NEWSLETTER