ﻣﻮﻗﻊ ﺻﺪﻱ اﻟﺒﻠﺪ

Supervisor
Elham AbolFateh

World

World Bank، AfDB commit $47 billion to African climate finance

Thursday 14/March/2019 - 06:07 PM
File Photo
File Photo
Reuters

(Reuters) - The World Bank and the African Development Bank will together commit more than $47 billion by 2025 to help African countries tackle the effects of climate change، the banks said on Thursday.

Many countries on the continent، especially those on the coast، are among the most vulnerable to the effects of climate change such as rising sea levels and coral reef deterioration.

Others are prone to more frequent droughts، desertification and floods.

The World Bank said in a statement it had pledged $22.5 billion for 2021-2025، while AfDB said it had committed $25 billion to climate finance between 2020 and 2025.

AfDB said the funds would be used to increase investment in renewable energy projects like solar power plants.

“The share of our portfolio that was in renewable energy generation between 2013 and 2015 was 59 percent but from 2015 to 2018 we moved from that to 95 percent،” AfDB president Akinwumi Adesina told Reuters on the sidelines of a U.N. environment meeting.

The World Bank said some of the beneficiaries of its funding would include projects in Ethiopia، Rwanda and Kenya.


Edited by: Mohamed Emad

Comments

ads

Poll

What do you think about our new design?

What do you think about our new design?
ads