The President of the African Import-Export Bank (Afreximbank) Benedict Oramah, and the Director General of the French Development Agency (AFD) Rémy Rioux, during an online seminar in Cairo (Egypt), discussed, on scaling up climate finance in Africa as part of their joint effort to advance sustainable development as the continent recovers from the COVID-19 pandemic.
For Afreximbank, “the event aimed to increase participants’ knowledge of the opportunities and challenges associated with aligning economic development and climate finance to build sustainability and resilience in Africa.” The role of public development banks in financing sustainable development projects and their contribution to partnerships was also analyzed. A reflection, the recommendations of which will be discussed at the “Finance in Common” (FiC) summit to be held from 11 to 13 November 2020.
“Although Africa contributes less than 4% of global CO2 emissions, it remains the region most vulnerable to the adverse effects of climate change. Droughts and floods have increased in frequency over the past two decades and threaten to jeopardize the continent’s economic progress, ”said Benedict Oramah
Welcoming the partnership between Afreximbank and AFD, the director general of the Agence Française de Développement argued that Public Development Banks (BPDs) could do more to scale up climate finance for sustainable development.