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GCF Announces $309 Million Climate Investments For Africa

By Faridat Salifu

The Green Climate Fund (GCF) has approved $1.26 billion for global climate financing, with a significant portion allocated to African countries.

The decision was taken at the 38th session of the Board of Directors meeting of the GCF in Kigali, Rwanda, recently,

Benefitting countries in Africa include; Madagascar, Somalia, Ghana, and Sierra Leone. They are to receive $309.3 million starting from mid-2025, according to the Board.

Details of the allocation indicated that Somalia, which has been grappling with a prolonged drought and economic instability, will receive $100 million to bolster its climate resilience efforts.

The investment will primarily focus on solar energy initiatives aimed at providing clean electricity to its populace.

Sierra Leone will benefit from $26.9 million earmarked for the Sierra Leone Coastal Resilience Project (SLCRP), aimed at enhancing the climate resilience of coastal communities and ecosystems.

This initiative addresses challenges such as saltwater intrusion, deforestation, and coastal erosion.

Also, Madagascar, facing drought-induced food insecurity, will receive $150.8 million to fortify its agricultural production systems and improve access to markets and nutritional security.

The Inclusive Agricultural Value Chains Programme (DEFIS+), in collaboration with the International Fund for Agricultural Development (IFAD), targets the welfare of 4 million Malagasies.

Ghana will witness a push towards solar energy adoption with a $31.6 million investment in the Accelerating Solar Action Programme (Asap).

Co-financed by Ecobank Ghana, Asap aims to promote solar photovoltaic systems among micro, small, and medium-sized enterprises (MSMEs) and households to combat climate change.

 

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