Yemi Olakitan
The African Development Bank and Canada has collaborated to create the CACF, which offers concessional loans to qualified climate change projects in Africa. $20.4 million has been approved by CACF so far for two additional public sector climate change related projects.
The first is a concessional loan of $5.4 million intended to strengthen Senegal’s value chains and agricultural, forestry, and pastoral production while promoting creative, effective adaption strategies for the project’s beneficiaries.
The second is a $15 million grant to Nigeria to build climate resilient urban infrastructure systems in the cities of Umuahia and Aba, with the goal of promoting socioeconomic growth and reducing poverty in those areas.
“It is increasingly important that we identify and address adaptation needs of the most vulnerable people and infrastructure in Africa as we witness more severe and frequent impacts of climate change around the world and particularly on the African continent,” stated Gareth Phillips, Manager of the African Development Bank’s (AfDB) Climate and Environment Finance Division.
According to him, CACF is demonstrating its remarkable efficiency and efficacy in providing large-scale advantages related to climate adaptation. With the important backing from the Canadian government, the organization is optimistic about its ability to sustain its efforts in the fight against climate change.
Two private sector initiatives to enhance climate adaption in Africa have been granted. About $36.3 million was approved by the Canada–African Development Bank Climate Fund (CACF), which was founded to assist gender-affirming climate change projects throughout the continent of Africa.
The approval was given In order to lessen the impending climate change risks related to temperature increases, sea level rise, and droughts.
CACF will support the design of climate-proofing solutions and best practices in port operations in Benin.
Concessional loans to private sector companies totaling $18.3 million was approved for the rehabilitation and expansion of Benin’s Port Autonome de Cotonou, and an additional $18 million will be used to support the building of three seawater desalination plants under the OCP Group’s Green Investment Programme.
In the cities and surrounding areas of Safi and El Jadida, on the country’s Atlantic coast, the project in Morocco is expected to generate and distribute 105 million cubic meters of potable water to around 1.5 million people. This occurs at a time when Morocco is experiencing acute water scarcity and is ranked 27th among nations most at danger of long-term water shortages by the World Resource Institute. Time management and health will improve for women and young girls. With $150 million, the Bank is co-financing the project.