African Development Bank has recorded an increase of 10% in environmental smart investments in the continent in the last five years, to US $200million according to the bank’s 2014 report launched on Monday.
The bank has invested in 28 projects over 30 countries on the continent, and of the portfolio size, most of the projects were implemented by Global Environment Facility (GEF) through AfDB since 2008.
Of the projects supported through the portfolio, 3 quarters focused on climate change mitigation projects. Other funds were channeled to projects relating to land degradation, biodiversity, chemicals and waste, international waters, among other areas.
The AfDB-GEF US$218m portfolio also included over $ 1.27 billion in co-financing, with the bank leveraging USD 5 for each USD of GEF funding. The bank, which has played a key role in coordinating private sector financing, focused on developing approaches in private sector financing.
AfDB through the Sustainable Energy Fund for Africa (SEFA) had funded the African Renewable Energy Fund (AREF) in Sub-Sahara at the cost of US$200m to be invested in small- to medium-scale independent power producers (IPPs) projects within 12 months since it was launched in March last year.