Alliance for Green Infrastructure in Africa to boost investment
Africa: The African Development Bank Group and Africa50 are seeking collaboration with global partners to create an Alliance for Green Infrastructure in Africa.
Image source: ESI Africa
Africa: The African Development Bank Group and Africa50 are seeking collaboration with global partners to create an Alliance for Green Infrastructure in Africa.
The African Union Commission and the African Union Development Agency (AUDA-NEPAD) are their partners in the pursuit of efforts to attract capital investment into the infrastructure development on the African continent .
The key challenge here t is the dearth of bankable opportunities. Therefore, project development and preparation are critically important. Evidence shows that there is enough capital looking for yield. However, what is missing, is a robust pipeline of de-risked projects with stable long-term cash flows.
There is also an increasing institutional investor appetite for green, sustainable, environmental and social investments. That is why these African institutions and global partners are intent on mitigating the adverse effects of climate change through prompt investment in greener, climate-resilient, inclusive, quality and sustainable infrastructure.
African Development Bank Group President Dr Akinwumi A. Adesina made the announcement on 17 February while speaking at a thematic roundtable on climate change and energy transition at the 6th European Union-African Union Summit in Brussels, Belgium.
The European Investment Bank, European Bank for Reconstruction and Development, the French Development Agency, AFD, and the Rockefeller Foundation have expressed their interest in joining the Alliance. And there is a strong push to attract more African and global partners.
The Alliance’s overarching goal will be to leverage the private sector to transparently develop transformative infrastructure that sustainably bridges Africa’s infrastructure deficit in a climate-resilient manner. It will do this by addressing universal energy access and strengthening Africa’s energy systems, while minimising sovereign debt accumulation, especially during this period of limited fiscal capacity across Africa.
Alliance members will come together to use their collective efforts to expedite Africa’s transition to net-zero by bridging the climate-resilient infrastructure gap, thus helping Africa to meet its global development ambitions.
Source: ESI Africa
#Africa#African Development Bank#Alliance for Green infrastructure in Africa#capital investment#green infrastructure development