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Benin joins 690-million-dollar African climate programme

By , based on Bénin Web TV

Benin joins 690-million-dollar African climate programmeIllustrative image · Nelli Neufeld · Pexels · Licence Pexels

Benin is joining the first phase of a 690-million-dollar African climate programme alongside Angola, Ivory Coast and Nigeria. The Green Climate Fund is contributing 280 million dollars, while an Africa Finance Corporation trade facility could provide up to 260 million, according to Bénin Web TV.

Benin is joining the first phase of the Africa Sovereign Climate Facility, a climate finance programme worth 690 million dollars launched on 30 October in South Korea. The Africa Finance Corporation (AFC), an African development finance institution, and the Green Climate Fund are backing the programme, which also includes Angola, Ivory Coast and Nigeria, reports Bénin Web TV.

The Green Climate Fund is contributing 280 million dollars, with co-financing expected to be added. In parallel, the AFC plans a trade facility of up to 260 million dollars over a maximum period of ten years. This component is to be implemented through the finance ministries of the four participating countries.

The funding and technical assistance are intended to support projects in clean energy, health, food security, water and climate-resilient infrastructure. The assistance aims to help governments turn their climate priorities into bankable projects.

The cooperation builds on an earlier commitment: in 2023, the Green Climate Fund committed 253 million dollars to an AFC Capital Partners fund for climate-resilient infrastructure, with the aim of also mobilising institutional and private investors.

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