African Development Bank Group launches dedicated trust fund for circular economy
The African Development Bank Group today launched its first Africa Circular Economy Facility during its 2022 Annual Meetings. The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible.
The Bank Group’s Board of Directors approved the facility on 30 March. As a trust fund, it will channel finance and de-risk innovative circular economy business models beyond waste management. It will support the country-led African Circular Economy Alliance (ACEA) in integrating the circular economy into African green growth strategies.
The multi-donor trust fund will operate over a five-year period. It will receive initial support of €4 million from the Government of Finland and the Nordic Development Fund.
