AfDB secures $43m financing to stimulate Africa’s climate resilience

The African Development Bank (AfDB) has secured and will implement additional resources amounting to $43 million to stimulate Africa’s climate resilience.

The Bank obtained the resources from the Global Environment Facility (GEF) during GEF’s just-ended 42nd Council Meeting (June 5-7, 2012).

The GEF Council approved three initiatives that will offer far-reaching benefits to African nations for better forest management, climate technology transfer and private sector engagement in renewable energy.

The three initiatives are the Mano River Union Ecosytem Conservation and International Water Resources Management Project which will receive $6.3 million; The Climate Change Center of Technology Project ($15.8 million) and the Public-Private Partnership Platform for Renewable Energy Technologies ($21.6 million).

In addition, the AfDB said these resources are expected to leverage $360 million in co-financing.

By Ekow Quandzie