The African Development Bank (AfDB), through the African Green Bank Initiative, launched the creation of four green banks in Africa as an innovative response to the lack of climate finance made available at each successive COP meeting.
Setting up green investment facilities in financial institutions in Benin, Ivory Coast, Morocco and Egypt, the initiative seeks to empower local banks with the technical capacity needed to attract climate finance from international and domestic investors.
By 2030, the African Green Bank Initiative aims to support the creation of an ecosystem of green investment facilities worth up to $1.5 billion across all corners of the continent. The sum of these activities is that each green bank will be able to raise funds that can be invested in transformative climate projects, putting Africa in a much better position to fight climate changeCli.
