African Development Bank Group (AFDB) will initiate the first green finance facilities in two financial institutions in Benin and Côte d’Ivoire. The financing comes as a part of the African Green Bank Initiative commenced last November.
The initiative supports the implementation of African countries’ Nationally Determined Contributions (NDCs), which would require investments of about $2.8 trillion.
The Initiative’s coordinator, Audrey-Cynthia Yamadjako confirmed about $1.6 million had already been obtained to create the first two facilities.
Kevin Kariuki, the Bank’s vice president for Energy, Power, Climate and Green Growth called the initiative “a powerful tool for… mobilising private sector investments in climate action in Africa.”
Yamadjako referred to green finance facilities as being “the solution to bring private finance at scale in climate action.”
It is worth mentioning that AFDB Annual Meetings 2023 will be held at Sharm El Sheikh city between the period of 22 to 25 May.
