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(AfDB) - The African Development Bank is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI).
As Africa’s premier development finance institution, the African Development Bank does not only provide fiscal resources to its regional member countries; it also galvanizes global support in promoting resilient, green, and sustainable growth.
It launched the African Green Bank Initiative in November last year to support the implementation of African countries’ Nationally Determined Contributions (NDCs).
African countries still face significant challenges in financing their climate transition. While investment needs resulting from NDCs are estimated at $2.8 trillion by 2030, funds invested on the continent still represent a limited share of global green finance flows, and the share covered by the private sector remains limited.
The African Green Bank initiative was conceived as part of measures to facilitate access to global finance from the current 3% to 10% annually by 2030.
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