The African Development Bank (AfDB) has allocated more than half of its new 2024 investments — a total of $11 billion — to climate finance, the institution announced in its Annual Development Effectiveness Report.
According to Lusa, on Wednesday, May 28, the AfDB stated in the report that the value of the annual “new operations” is “the highest ever,” including $5.5 billion specifically dedicated to climate finance, highlighting the bank’s key role in catalyzing inclusive growth and resilience across Africa.
The report serves as a basis for evaluating the bank’s work with all African countries “in a global context marked by economic turbulence, geopolitical tensions, conflicts, and mounting climate pressures,” and was released during the AfDB’s Annual Meetings held in Abidjan, Côte d’Ivoire’s commercial capital. As a multilateral development partner and concessional lender, the AfDB has five key priorities for the continent: universal access to electricity, food security, industrialization, economic integration, and improved quality of life.
The document reflects the implementation of the bank’s new Results Management Framework for the 2024–2033 period, with a simplified set of indicators covering key cross-cutting areas such as youth empowerment, gender equality, economic governance, climate action, and resilience.
Titled “Supporting Africa’s Resilience and Driving Transformation,” the report estimates that in the past year, 1.5 million farmers gained access to “climate-smart technologies” and 25,000 agro-industrial companies received support, thereby “strengthening food security.”
Regarding one of the main challenges by the end of 2024 — energy access — the report notes that one million people gained access to electricity in the past year through AfDB-supported initiatives, with more than 1 gigawatt of new generation capacity added, mainly from renewable sources.
The AfDB is the continent’s leading development finance institution and has 81 member states, including 53 African countries and 28 non-African countries, such as Portugal and Brazil.
Source: Diário Económico
