The African Development Bank’s Board of Directors has approved a £30 million equity investment in Africa Finance Corporation’s (AFC) innovative “green shares” to mobilise funding for climate action projects across Africa.
The initiative will support high-impact projects such as wind and solar power plants in Djibouti and Egypt, and energy storage systems in Cape Verde, whilst leveraging green equity to attract further investment from capital markets. Despite contributing less than 3% of global emissions, Africa faces severe climate impacts and a £170 billion annual infrastructure financing gap. The investment aims to drive sustainable financing, create economic opportunities, and enhance Africa’s climate resilience. The collaboration is expected to create over 1,600 jobs by 2031, deliver clean energy to millions, and promote inclusive growth, benefiting marginalised groups, including women and rural communities.
Read the original article here: https://africafinancecorporation.africa-newsroom.com/press/african-development-bank-to-make-30-million-equity-investment-in-africa-finance-corporation-to-catalyse-climate-action1?lang=en