The first approval is an AfDB loan of €168m and $100m Clean Technology Fund concessionary loan to finance the first phase of the Ouarzazate solar power station in Morocco.

The project worth estimated at €1.042bn will be jointly financed by six other agencies including the World Bank, European Investment Bank, Agence Française de développement, German Development Bank, Neighbourhood Investment Facility, as well as other Moroccan institutions.

The second approval involves a $100m equity investment in Agvance Africa.

The Board also approved a $14m grant for capacity building on managing for development results in the Regional Member Countries and the regional Economic Communities.