African Development Bank Initiates Creation of Green Banks Across Africa

Africa – The African Development Bank (AfDB) has launched an ambitious project to establish green banks in Africa. This initiative, part of the African Green Bank Initiative, is a proactive response to the ongoing challenge of securing climate finance at COP meetings.

According to Africa News Agency, the initiative will establish green investment facilities in financial institutions in Benin, Ivory Coast, Morocco, and Egypt. The aim is to equip these local banks with the necessary technical capacity to attract both international and domestic climate finance.

By 2030, the African Green Bank Initiative plans to foster an ecosystem of green investment facilities worth up to $1.5 billion across Africa. Each green bank will have the capability to raise funds for transformative climate projects, positioning Africa to better combat climate change.