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As committed at the 27th UN Conference of the Parties on Climate Change (COP27), Switzerland is allocating €217.7 million to the African Development Fund (ADF) to strengthen the financing of climate projects in Africa.
As committed at the 27th UN Conference of the Parties on Climate Change (COP27), Switzerland is allocating €217.7 million to the African Development Fund (ADF) to strengthen the financing of climate projects in Africa.
The Swiss Confederation is aware of the impact of global warming on the economies of several African countries. The Swiss government is allocating 217.7 million euros to replenish the resources of the African Development Fund (ADF). The funds will be used to finance projects that focus on the implementation of the 17 UN Sustainable Development Goals (SDGs).
A total of 37 African Development Bank (AfDB) member countries, including those affected by drought and floods, will benefit from Swiss support, in line with its International Cooperation Strategy 2021-2024. Through its contribution, Switzerland is demonstrating its strong solidarity with the poorest countries in Africa and recalling the importance of the continent in its development policy, foreign relations, and economic relations, stated Swiss authorities.
The infrastructure built will have to be aimed primarily at green growth or gender equality as advocated by MDG5, particularly in the area of sustainable agriculture. In this regard, the AfDB has granted Mali USD 53.75 million in 2022 for the implementation of the Grassroots Community Resilience Building Support Project (PARCB). It will enable the establishment of a digital platform to support the development of agricultural value chains in 18 councils, the development, and enhancement of at least 3,000 hectares of irrigated perimeters, as well as the restoration of about 5,000 hectares of land degraded by drought.
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AfDB based in Abidjan, Ivory Coast, will hold its Annual Meeting from 22 to 26 May 2023 in Sharm el-Sheikh, Egypt. For AfDB, this will be an opportunity to convince its financial partners to invest up to 127.2 billion dollars per year to bridge the climate finance gap on the continent. Demographic growth and related pollution will also be discussed at the meeting.
