AFRICA – During COP28, African and global institutions alongside governments of Germany, France, and Japan, plus philanthropies, committed over US$175 million to the Alliance for Green Infrastructure in Africa (AGIA).
This groundbreaking pledge aims to swiftly boost financing for transformative climate-aligned infrastructure projects across the continent.
These new commitments will propel AGIA towards securing its initial US$500 million for early-stage project preparation and development capital.
This collaborative effort involves the African Union Commission, the African Development Bank, Africa50, and other partners. Their objective: unlocking up to US$10 billion in private capital for green infrastructure initiatives, fast-tracking Africa’s fair transition to Net-Zero.
Representatives from key organizations like the African Development Bank, Africa50, France, Germany, Japan, BADEA, BOAD, Proparco, and the Three Cairns Group signed the memorandum of intent.
The signing ceremony witnessed the participation of the Union of the Comoros President and African Union Chairperson Azali Assoumani, Madagascar’s President Andry Rajoelina, and African Union Commission Chairperson Moussa Faki Mahamat.
Mrs. Svenja Schulze, Germany’s Minister for Economic Cooperation and Development, expressed Germany’s enthusiasm for joining AGIA’s launch. She praised the African Development Bank’s leadership and AGIA’s dedication to the 1.5°C target and Africa’s Net-Zero emissions acceleration. Germany plans to contribute up to US$28.25 million to AGIA starting in 2024.
Tomoyoshi Yahagi, Japan’s Deputy Director General of Finance, confirmed Japan’s commitment, pledging US$10 million to AGIA to support Africa’s transition to Net-Zero and the 1.5°C pathway. They urged other donors to contribute to this crucial initiative.
Emmanuel Moulin, Director General of the French Treasury, highlighted AGIA’s role in filling the gap in funding green infrastructure projects in Africa’s Net-Zero transition. France pledged US$21.73 million to AGIA, aligning with their vision for sustainable investment in Africa.
Dr. Akinwumi Adesina, President of the African Development Bank Group, stressed the need for private sector financing to address climate change and Africa’s infrastructure gap sustainably. The Bank Group aims to contribute up to US$40 million, pending board approval.
Sidi Ould Tah, President of BADEA, pledged US$40 million to support AGIA, emphasizing the partnership’s importance in enabling transformational green projects in Africa.
Alain Ebobissé, CEO of Africa50, hailed AGIA as Africa’s largest fund for project development, critical in scaling up bankable green projects. He expressed confidence in AGIA’s investor support and Africa50’s role as its fund manager.
Serge Ekué, President of BOAD, highlighted their commitment to climate resilience through AGIA, aligning with their strategic plan to allocate 25% of new financing to climate initiatives.
Françoise Lombard, CEO of Proparco, emphasized their pride in supporting AGIA. They highlighted AGIA’s innovative structure in mobilizing resources for project preparation and development, bridging Africa’s infrastructure gap.
Mark Gallogly, cofounder of the Three Cairns Group, endorsed AGIA’s mission in catalyzing economic development and green infrastructure in Africa. He emphasized the need for risk-tolerant equity to boost clean energy and climate projects.
AGIA, launched at COP27, unites the African Union Commission, the African Development Bank, Africa50, and partners in their commitment to advancing Africa’s green infrastructure.
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