The African Development Bank has approved the implementation of two climate investment trust funds, the Clean Technology Fund and Strategic Climate Fund.
Through AfDB, the funds will channel about USD625 million for clean technology projects.
“Blended with AfDB’s own resources, low-cost CIF funds will help bolster developing countries’ efforts to pursue a green-growth and climate-resilient economic path,” said Bobby Pittman, AfDB vice president for infrastructure, private sector and regional integration.
Among the projects to be supported by the funds include a solar power complex in Morocco, a wind farm in Egypt, and on-lending activities for renewable energy and energy efficiency investments in South Africa.
Meanwhile, the Making Finance Work for Africa Partnership, where AFDB is a founding member, launched Monday (Sept. 20) the French version of its website. The partnership was established to coordinate financial sector development efforts in Africa.