2023-07-17 13:07:58
The West African Development Bank (BOAD) is preparing for a new impetus in its fight once morest climate change. Its recent reaccreditation by the Green Climate Fund (GCF), along with an upgrade, now gives it the ability to mobilize up to $250 million per project. This breakthrough might radically change the situation for the fight once morest climate change in West Africa, particularly for coastal countries and those of the Sahel, all facing acute vulnerabilities, Fiacre E. Kakpo said in the columns of the Ecofin agency which provides the information.
Announced at the 36th meeting of the Green Fund’s Board of Directors in Songdo, South Korea, this reaccreditation propels BOAD from category “B/I 1” to “A/I 1”. A significant leap that reinforces its stature as a key player capable of managing large-scale projects, with significant environmental and social implications.
The timing of this reaccreditation is crucial. Coinciding with the recent unveiling of the GCF’s 2024-2027 Strategic Plan, it confirms the confidence placed in the bank led by Serge Ekué, to lead climate efforts in the West African Economic and Monetary Union (UEMOA).
With this new status, BOAD can now mobilize substantial financial resources from the GCF. “This reaccreditation enables BOAD to mobilize for the benefit of WAEMU member states, donations, loans whose rates will be between 0 and 1.75%, guarantees, and refinancing lines for the fight once morest adverse effects of climate change”, is satisfied the Multilateral Development Bank, relayed Mr. Kakpo.
An opportunity that aligns perfectly with the ambitions of the institution’s Djoliba 2021-2025 strategic plan, which plans to devote 25% of its funding to the climate resilience of member states.
“We remain determined to support our Member States in financing projects aimed at alleviating and mitigating the adverse effects of climate change, and to supporting their efforts towards carbon-free economic development”, declared, in the columns from the Ecofin Agency, Serge Ekue, Chairman of BOAD.
As the global climate crisis intensifies, the possibility of accessing more substantial funding marks a turning point for BOAD. Larger-scale projects, capable of generating a major environmental and social impact, are now becoming feasible, broadening the prospects for the fight once morest climate change in WAEMU, a major development challenge in the sub-region.
The recent reaccreditation of the West African Development Bank (BOAD) by the Green Climate Fund has therefore redefined the fight once morest climate change in WAEMU, where several member countries are among the countries most vulnerable to climate change.
Moctar STAYED / VivAfrik
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