AfDB Eyes Green Fund for Africa

A plan to create a $100 billion fund to address climate change issues in Africa is in the works, according to a senior official of the African Development Bank.

The fund, dubbed “Africa Green Fund,” is still in the conceptualization stage, AfDB Chief Economist and Vice President Mthuli Ncube said at a recent conference in Ethiopia. He added that progress in the establishment of the fund depends on how fast financing sources would be identified, Ghana Business News reports.

Ncube said donors as well as African countries are expected to contribute to the fund, which will finance green and clean energy projects, support AfDB’s socioeconomic programs targeting climate change-related issues, and fund irrigation projects for farmers across the country.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.