Page 506 - 2016 - Vol. 40

12. Antonio Castellano et al: Brighter Africa: The Growth Potential of the
sub-Saharan Electricity Sector (Johannesburg: McKinsey & Company,
February 2015), p. 25.

13. Dambudzo Muzenda: op. cit., p. 46.

14. Mafalda Duarte et al: Financing of Sustainable Energy Solutions,
Committee of Ten Policy Brief, Nº 3 / 2010, October 2010, p. 4, at: http://
www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/C-10%20
Note%203%20 English %20(final)_for%20posting.pdf.

15. For example, in 2006, the infrastructure loans’ share of total bank loans
reached about 24% in Cape Verde, 20% in Niger, and less than 10% in
some other SSA countries. For more details, refer to:

Jacqueline Irving & Astrid Manroth: Local Sources of Financing for
Infrastructure in Africa-A Cross-Country Analysis, Policy Research
Working Paper, No. 4878 (Washington D. C.: The World Bank (WB),
March 2009), p. 18.

16. Karim Dahou et al: Deepening African Financial Markets for Growth and
Investment, Paper presented at Ministerial and Expert Roundtable of the
NEPAD-OECD African Investment Initiative (Johannesburg: OECD, 11-
12 November 2009), p. 24.

17. For example, in Malawi, a 25% increase in electricity prices impelled
consumers to increase their demand for coal, though its production was
illegal. For further details, see:

Kate Bayliss and Terry McKinley: Privatizing Basic Utilities in sub-
Saharan Africa: The MDG Impact, United Nations Development Program
(UNDP) Policy Brief No. 3 (New York, NY: UNDP, January 2007), p. 3.

18. UNEP: Financing Renewable Energy…, op. cit., p. 45.

19. Anton Eberhard et al: Africa Infrastructure Country Diagnostic
Underpowered: The State of the Power Sector in sub-Saharan Africa,
Background Paper No. 6, WB, June 2008, p. 16.

20. UNEP: Financing Renewable Energy…, op. cit., p. 12.

21. A private investor wants to be assured that tariffs can be alleviated
in case costs increase, or change their procurement source when it is
needed.

- 18 -