Standard Chartered Bank has more than doubled its commitment to a multibillion-dollar project initiated by US President Barack Obama to increase electricity access in Africa.

The bank increased its pledge from $2 billion to $5 billion, after reaching its initial commitment in 12 months.

“The $5 billion forms part of the contribution made by private sector partners under President Obama’s Power Africa initiative,” said Ravi Suri, a regional Head of Corporate Finance.

The Power Africa Initiative, worth more than $6.9 billion was launched last year during President Obama’s visit to Africa. Its main mandate is to double access to power by focusing on renewable energy.

According to the United States Agency for International Development (USAid), the US government has committed over $7 billion in financial support and loan guarantees in the first five-year phase, through 2018. This is in addition to the expertise of 12 US government agencies.

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The programme will also work closely with development finance partners, such as the African Development Bank and the World Bank.

Mr Suri said Standard Chartered has already made significant progress since the launch of Power Africa across a number of projects, adding that the financial institution was committed to deliver further value in the remaining four years of the partnership.

Power Africa Initiative focuses on six African countries namely Ghana, Tanzania, Kenya, Nigeria, Ethiopia and Liberia. It will also seek to improve natural resource management in the Democratic Republic of Congo, Uganda, South Sudan and Mozambique.

The coordinator of the Initiative, Andrew Herscowitz, recently announced that Nairobi will host the regional headquarters.

Peter Sands, Standard Chartered Group Chief Executive, said Power Africa was expected to add around 7,500 megawatts to the continent’s power grid — equivalent to the electricity production capacity of Nigeria and Cote d’Ivoire.