Africa Finance Corporation has signed an accreditation master agreement with the Green Climate Fund in Seoul, South Korea.
The corporation stated that having received the accreditation in 2015, it was one of the first African development finance institutions to sign such an agreement.
It added that following the signing of the AMA, it would have access to direct funding from the GCF, rather than through intermediaries or third parties and that over time, the GCF would become the main multilateral financing mechanism to support climate action in developing countries.
It said in a statement, “The AFC intends to leverage this partnership by mobilising the GCF’s capital to further its low carbon emission investments in four of its five focus sectors: power, transport, heavy industries and telecoms. To date, the AFC has demonstrated a longstanding commitment to financing green energy in Africa through its early investment in the 26MW award-winning Cabeolica wind farm in Cape Verde, the first commercial wind farm in sub-Saharan Africa.
“The AFC is also currently developing more than 500MW of renewable power projects across the continent. Established in 2010 by the 194 countries founder members of the United National Framework Convention on Climate Change, the GCF launched its initial resource mobilisation in 2014, which rapidly gathered pledges worth $10.3bn.”
The Chief Investment Officer, AFC, Oliver Andrews, was quoted to have said that the consequences of climate change impact might have serious implications for the successful development of Africa’s economy.
He added, “The AFC is, therefore, highly committed to this partnership with the GFC. Not only does the AFC and the GCF have shared goals, we also have shared values. For example, the AFC is committed to investing in post-conflict countries and those that face structural developmental challenges.
“Equally, the GCF also priorities societies that are highly vulnerable, in particular the least developed countries. As the AFC is also driven by a belief in sustainable economic growth, in every sense this synergy is an excellent recipe for success.”
The Director of GCF’s Country Programming Division, Ousman Jarju, was also quoted to have said that the AFC was well placed to support African entrepreneurs and explore the vast potential for economic growth across the continent in ways that would not harm the global environment.
He said the GCF activities were therefore aligned with the priorities of developing countries through the principle of country ownership.
“With the strategic injection of capital, African companies could one day lead the way in generating non-polluting energy for industry and local communities” he said.
The corporation stated that having received the accreditation in 2015, it was one of the first African development finance institutions to sign such an agreement.
It added that following the signing of the AMA, it would have access to direct funding from the GCF, rather than through intermediaries or third parties and that over time, the GCF would become the main multilateral financing mechanism to support climate action in developing countries.
It said in a statement, “The AFC intends to leverage this partnership by mobilising the GCF’s capital to further its low carbon emission investments in four of its five focus sectors: power, transport, heavy industries and telecoms. To date, the AFC has demonstrated a longstanding commitment to financing green energy in Africa through its early investment in the 26MW award-winning Cabeolica wind farm in Cape Verde, the first commercial wind farm in sub-Saharan Africa.
“The AFC is also currently developing more than 500MW of renewable power projects across the continent. Established in 2010 by the 194 countries founder members of the United National Framework Convention on Climate Change, the GCF launched its initial resource mobilisation in 2014, which rapidly gathered pledges worth $10.3bn.”
The Chief Investment Officer, AFC, Oliver Andrews, was quoted to have said that the consequences of climate change impact might have serious implications for the successful development of Africa’s economy.
He added, “The AFC is, therefore, highly committed to this partnership with the GFC. Not only does the AFC and the GCF have shared goals, we also have shared values. For example, the AFC is committed to investing in post-conflict countries and those that face structural developmental challenges.
“Equally, the GCF also priorities societies that are highly vulnerable, in particular the least developed countries. As the AFC is also driven by a belief in sustainable economic growth, in every sense this synergy is an excellent recipe for success.”
The Director of GCF’s Country Programming Division, Ousman Jarju, was also quoted to have said that the AFC was well placed to support African entrepreneurs and explore the vast potential for economic growth across the continent in ways that would not harm the global environment.
He said the GCF activities were therefore aligned with the priorities of developing countries through the principle of country ownership.
“With the strategic injection of capital, African companies could one day lead the way in generating non-polluting energy for industry and local communities” he said.
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