UK to Guarantee $2 Billion of AfDB Debt to Boost Climate Fight
- Guarantees to free money for climate resilience, green power
- AfDB is supporting South African Climate Finance Plan
The African Development Bank in Abidjan, Ivory Coast.
Photographer: Andrew Caballero-Reynolds/BloombergThis article is for subscribers only.
The UK has agreed to guarantee $2 billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.
The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, president of the Abidjan, Ivory Coast-based bank, said in interview last week.