2023-11-27 22:57:20
In a context where Morocco is committed to promoting sustainable projects, the Kingdom is now seeking to adapt the architecture of its current climate finance, dominated by donors alone, notably multilateral banks and public banks to respond effectively meet African needs.
This comes at a time when the funds dedicated to climate financing invested on the continent do not align, according to the African Development Bank (AfDB), with the needs of African countries in climate financing, especially since a small share of global flows of climate finance, and the share covered by the private sector remains limited.
The Kingdom thus joins the initiative of four African countries, notably Egypt, Benin, Ivory Coast and Rwanda. Which are preparing to equip themselves with a green bank with the support of the ADB, with a view to filling the financing gap, according to Audrey-Cynthia Yamadjako, principal officer of climate finance at the ADB and coordinator of the banking initiative African greens, cited by Bloomberg.
In this context, the Rwandan green bank which will finance climate projects from 2024, benefited for its financing from a budgetary envelope of 142 million dollars, mobilized by the ADB in particular from its own contributions and those of the Partnership Fund Climate Action, the Danish International Development Agency, the French Development Agency (AFD) and the British government, according to Audrey-Cynthia Yamadjako.
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