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AFD, AfreximBank seal €150m pact on climate finance

Agence Française de Développement (AFD) and the African Export- Import Bank (AfreximBank) have announced a new facility agreement for a 150 million financing programme to support Afreximbank in the implementation of its new climate finance strategy which will target green, low carbon, socially inclusive and more resilient investments across Africa. The agreements were signed by the Executive Vice- President of the African Export- Import Bank, Mr. Amr Kamel, with Dr. Fabio Grazi, Director of AFD Country Office for Egypt.

In a statement, the AFD said that as part of its financing programme, it has made available a 500,000 grant to carry out a technical assistance programme which will support Afreximbank in developing its sustainable finance strategy, adding that “by doing so, this strong partnership between the two institutions will promote through Afreximbank and its partnering institutions, the dissemination of innovative financing mechanisms for the sustainable development of the African continent.”

The statement said: “As the continent commence the implementation of the African Continental Free Trade Agreement (AfCFTA) early next year, it is timely to unlock new funding arrangements to finance sustainable projects and sectors that build Africa’s long-term competitiveness and resilience. It is estimated that the climate change is impacting negatively on Africa’s GDP by 2.8 per cent every year (around $100 billion). “In order to tackle the climate change challenges in Africa, financing solutions have to be developed not only through external financial flows but also through the development of specific and more appropriate instruments that fosters sustainable development.

 

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