AfDB budgets $145m for Africa’s Climate Development Fund
The African Development Bank (AfDB) has budgeted an amount of $145 million for the establishment of a climate fund for Africa known as the “Clim-Dev Africa Special Fund” (CDSF).
The establishment of the ClimDev-Africa Special Fund follows a resolution adopted by the Board of Governors of the Bank in 2010.
This is to fight against climate change and the development of low carbon economies in Africa, the AfDB said.
“Regarding the fight against climate change and the development of low carbon economies, the Bank is establishing the Clim-Dev Africa Special Fund, with a $145 million budget”, the AfDB disclosed in a press statement earlier this month.
The fund, a multi-donor facility initiated by the African Development Bank, African Union Commission (AUC) and the Economic Commission for Africa (ECA), is to finance climate information for development in Africa.
“Its objective is to integrate climate information and services into development planning and to mainstream climate considerations into policies and programs,” the AfDB 2010 Annual Report stated.
In this context, the AfDB intends to maintain its strategic goal as a “privileged partner of Africa”, as well as meeting the urgent needs for economic and social inclusion across the continent.
In a related development more than 400 stakeholders from 45 nations, including 15 African countries, will gather in Cape Town, South Africa on June 24-25 to attend the 2011 Climate Investment Funds (CIF) Partnership Forum, co-hosted by the AfDB.
The investment package for the CIF is $6.7 billion.
The annual event where funding decisions on climate-smart development worldwide are taken will for the first time be hosted in Africa.
The forum will be attended by African delegations from Ghana, Algeria, Burkina Faso, DRC, Egypt, Ethiopia, Kenya, Mali, Morocco, Mozambique, Niger, Nigeria, South Africa, Tunisia, and Zambia who will share their experiences in developing and executing CIF investment plans, discuss achievements and challenges, and learn from fellow CIF pilot countries and expert panelists.
According to the AfDB, Africa will put 38% of CIFs’ $6.5 billion to work across the continent.
According to the AfDB, in Africa, pledges of $2.6 billion in CIF financing are leveraging additional funds from Multilateral Development Banks (MDBs) and other sources for one regional and 13 national investment plans covering renewable energy and energy efficiency, clean urban transport, climate-compatible development planning, and sustainable forest management initiatives among others.
By Ekow Quandzie