Seven of the 10 countries in the world most threatened by climate change are in Africa. African economies are already suffering the devastating effects of climate change, further exacerbating their development challenges. In response, the African Development Bank is leading the way on what may be Africa’s most decisive action to ensure that the continent receives adequate climate finance.
The African Development Bank Director General for East Africa, Gabriel Negatu, and Sudan’s State Minister of Finance and Economic Planning, Magdi Yassin, presided over the signing ceremony of a grant agreement (Rural Livelihoods’ Adaptation to Climate Change in the Horn of Africa II) of about US $7 million on May 23, 2018 during the African Development Bank Annual Meetings in Busan, Korea.
Rwanda and Ethiopia have economic development models that can promote the financing of climate resilience and development-led green economies. The two countries’ models were presented at an event on May 25 during the 2018 Annual Meetings of the Board of Governors of the African Development Bank in Busan, Korea.
The African Development Bank and the Global Green Growth Institute (GGGI) signed a Memorandum of Understanding (MoU) Friday on the sidelines of the African Development Bank Group’s Annual Meetings in Busan, to promote programs, projects, joint studies and research activities to accelerate green growth options for African countries.
Ministers of Finance, Agriculture and Governors of Central Banks from African countries have called for further innovative financing mechanisms to deal with the impact of climate change, which has led to economic losses from cycles, conflict, insecurity and cross-border political instability in the Sahel region.
The President of African Development Bank, Akinwumi A. Adesina, and the Bank’s Board of Governors held a high-level session on “Climate and Disaster Risk Financing” focusing on the Role of the African Risk Capacity (ARC) and the Africa Disaster Risk Financing Program (ADRiFi) on Wednesday in Busan, Korea.
Location: Busan, Korea