AfDB aims to raise $10 bln from private sector investment

The African Development Bank Group’s (AfDB) president, Akinwumi Adesina, said that the bank is seeking to mobilise $10 billion from private sector support to invest in Africa’s green infrastructure.

Adesina added that “further action has been taken in the climate finance area for the private sector in Egypt, where the AfDB supported the Egyptian government to issue Banda bonds worth $500 million.”

He further noted that these bonds consider the first in Egypt and Africa as a whole, to support infrastructure development as a response to climate change and emission reduction.

Adesina concluded, “we are proud to provide Egypt $345 million partial credit guarantees to boost green initiatives in Renminbi and to increase access to the Panda bond market to finance green and social projects.