The African Development Bank targets to become the largest financier of clean energy projects on the African continent.
Currently, several projects have been approved in the AfDB CIF portfolio, with a total investment of $1.1 billion from AfDB and $0.5 billion from the CIF.
Since 2007, AfDB has dedicated $4.3 billion to clean energy with a vision to support African nations’ efforts to achieve climate-smart growth.
In its just-released 2013 Annual Report for its work with the Climate Investment Funds (CIF), the African Development Bank (AfDB) has indicated that it is supporting 16 national and 1 regional Investment Plans in renewables, forests, resilience and transport in Africa, and that more than half of the projects under those plans – including all projects addressing forests and climate resilience – have been approved by the Bank’s Board and are driving toward implementation.
Today, through the AfDB as a CIF implementing agency, 16 African countries – nearly one third of the continent’s 54 nations – are actively engaged in innovative and urgent climate-smart work, and 13 projects out of the AfDB CIF portfolio’s total of 25 have been approved and are beginning on-the-ground action.
Mafalda Duarte, AfDB’s CIF Coordinator says, “To support countries in their efforts to embed climate response into their national development plans – a must if climate response is to have any lasting impact – the CIF introduced a programmatic approach to climate action, through which countries developed national-level Investment Plans (IPs) in order to qualify for CIF funding.
With AfDB’s and CIF’s support, 16 countries throughout the continent have done the critical legwork to build viable IPs, and we are now underway to help them carry out the projects in their IPs.”
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