Tanko Mohammed<\/p>\n\n\n
Canadian Government and the African Development Bank (AfDB) have signed a 104.8 million-dollar agreement to formalise the Canada\u2013African Development Bank Climate Fund (CACF).<\/p>\n\n\n
According to a statement from the AfDB, the fund is aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component.<\/p>\n\n\n
The fund would be capitalised through a combination of 122.9 million Canadian dollars ($104.8 million) repayable contribution plus 10 million Canadian dollars grant contribution.<\/p>\n\n\n
The fund is also aimed at providing concessional loans for both sovereign and non-sovereign operations and also for complementary technical assistance.<\/p>\n\n\n
The AfDB would administer the fund.<\/p>\n\n\n
Speaking at a virtual signing ceremony, Canada\u2019s Minister of International Development Mr Karina Gould said the investment recognised \u201cthe critical role that women need to play in climate action.<\/p>\n\n\n
\u201cAnd supports their efforts to mitigate and adapt to the effects of climate change\u201d.<\/p>\n\n\n
The ceremony was held on March 17 on the sidelines of the Canada-Africa Clean Growth Symposium.<\/p>\n\n\n
\u201cClimate change is one of the most important challenges of our time.<\/p>\n\n\n
\u201cAnd, although we are all affected by it, we in Canada know that not everyone is affected equally, that means that vulnerable and marginalised people are bearing the brunt of this crisis.\u201d<\/p>\n\n\n
In his remarks, President of the AfDB, Dr Akinwumi Adesina said: \u201cIn building back Africa, climate resilience is very important.<\/p>\n\n\n
\u201cThis is why I\u2019m delighted and thrilled with the Canada-African Development Bank Climate Fund that we are launching today.\u201d Adesina thanked Canada for its \u201ctremendous\u201d support to the bank in terms of general capital increases, temporary callable capital, and the support that Canada has given to Africa through the bank.<\/p>\n\n\n
\u201cThese resources that you are making available, it\u2019s very unique, in helping us with adaptation.<\/p>\n\n\n
\u201cFirst, it is long-term financing. It will provide long-term capital to the private sector and to the public sector. It also provides it at affordable levels for countries.<\/p>\n\n\n
\u201cWhat I like most about it is that it looks at multi-sectoral use of this financing, all these things are very important to support Africa in climate adaptation and mitigation.\u201d<\/p>\n\n\n
\u201cCanada has always been there for Africa, Canada is a great friend of Africa,\u201d he said.<\/p>\n\n\n
According to the statement, CACF resources will be deployed in innovative low-carbon technologies, renewable energy, climate-smart agriculture, sustainable forestry, water management, and climate-resilience projects.<\/p>\n\n\n
The fund would also finance climate change related projects in the AfDB\u2019s regional member countries, including those that demonstrate strong gender equality focus.<\/p>\n\n\n
The empowerment of women and girls would be an objective across all concessional financing of the CACF, this aims at direct, measurable gender equality outcomes.<\/p>\n\n
Tanko Mohammed Canadian Government and the African Development Bank (AfDB) have signed a 104.8 million-dollar agreement to formalise the Canada\u2013African Development Bank Climate Fund (CACF). According to a statement from the AfDB, the fund is aimed at providing concessional loans to climate change-related projects with a strong gender-responsive component. The fund would be capitalised through […]<\/p>\n","protected":false},"author":1,"featured_media":13149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[146,660],"class_list":["post-29120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-afdb","tag-climate","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n