AFRICA: Agia records a first payment of $175 million for green infrastructure
On the sidelines of the 28th United Nations Climate Conference of the Parties (COP28) which recently concluded in Dubai, several development partners pledged $175 million to the Alliance for Green Infrastructure in Africa (Agia ).
The Alliance for Green Infrastructure in Africa (Agia) takes a new step. This initiative launched during COP27 in Egypt has initial funding of $175 million. Development partners mobilized on the sidelines of the 28th Conference of the Parties on Climate Change (COP28) in Dubai in the United Arab Emirates (UAE).
Contributing financial institutions include the African Development Bank (AfDB), Africa50, the Arab Bank for Economic Development in Africa (Badea), the West African Development Bank (BOAD), the Three Cairns Group and Proparco, the subsidiary of the French Development Agency group in charge of financing the private sector. There are also contributing countries such as Japan, France and Germany.
Catalyze private investments
“Germany is very happy to participate in the launch of the Agia. We congratulate the AfDB on this important African-led initiative and would like to highlight Agia's commitment to the 1.5°C target and its desire to accelerate carbon neutrality in Africa . Svenja Schulze, the German Minister for Economic Cooperation and Development, is congratulated.
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Through Agia, the AfDB aims to mobilize $500 million to catalyze $10 billion in private capital for green infrastructure projects. The alliance will focus on the sectors of energy, transport, water and sanitation, health infrastructure, broadband infrastructure and urban and rural infrastructure.
According to the ADB, the Agia will support large-scale programs, such as mega solar projects or green hydrogen projects, as well as smaller venture capital initiatives, such as clean technology projects, energy storage energy or ecological mobility solutions across the entire African continent. These objectives are also supported by the Global Center for Adaptation (GCA), the Private Infrastructure Development Group (PIDG) and the African Sovereign Investors Forum (Asif), which have not yet specified their participation in this initiative. the ADB.
