Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

AfDB Calls on Developed Countries to Fulfill Pledges of $100 Billion for Climate Projects in Developing Nations

Tue 23 May 2023 | 07:41 PM
Taarek Refaat

Akinwumi Adesina President of the African Development Bank (AfDB)  called on developed countries to fulfill their pledges to provide financing worth $100 billion annually for climate projects in developing countries.

Adesina said, during the Bank Group's annual meetings, which kicked off on Monday in Sharm El-Sheikh, that Africa suffers from a lack of climate-related financing.

He pointed out that climate change causes chaos in several regions, including the Sahel region of Africa, high temperatures lead to the drying up of limited water resources, which causes pressure on crops and livestock, in addition to exacerbating the problem of food insecurity.

He continued: The combination of floods and drought caused huge losses in lives and infrastructure and increased the number of refugees in vast areas in South Africa and the Horn of Africa.

He said that much remains to be done and a 36% increase in financing for climate projects undertaken by the private sector in Africa is needed.

In a related context, AfDB will launch its annual report tomorrow regarding the prospects for the African economy and the expectations of GDP growth for the countries of the continent.

Egypt, represented by the Central Bank of Egypt, is hosting the annual meetings of the African Development Bank Group, under the auspices of President Abdel Fattah El-Sisi, which will be held in Sharm El-Sheikh from May 22 to 26.