The African Development Bank (AfDB) has launched the Africa Circular Economy Facility (ACEF) at a total value of \u20ac4 billion in collaboration with the Finnish government, said Kariuki Kevin Kanina, the bank\u2019s Vice President for Climate Action.<\/p>\n
Kanina made the announcement on Friday during the launch of the facility during the 57th AfDB annual meeting that is being held in the Ghanaian capital of Akra.<\/p>\n
Kanini explained that the facility aims to help all African countries adapt to climate change, noting that it focuses on three key pillars: building institutional capacity; supporting the private sector, especially small and medium-sized enterprises (SMEs); and expanding the membership in the African Circular Economy Alliance (ACEA).<\/p>\n
ACEA was launched to stimulate the African countries\u2019 transition to a circular economy model that provides economic growth, jobs and positive environmental outcomes at the same time.<\/p>\n
To date, only Ghana, Cote d\u2019Ivoire, Nigeria, Rwanda and South Africa are members of the alliance.<\/p>\n
Meanwhile, the AfDB\u2019s Division Manager Gareth Phillips told Ahram Online that the AfDB is providing technical and financial support for Egypt\u2019s hosting of the UN Climate Change Conference 2022 (COP27) in November, adding that ACEF will be a key pillar of COP27.<\/p>\n
On his side, Finland\u2019s Minister of Foreign Affairs Juha Savolainen said that it is necessary for the continent to double financing for climate adaptation through 2025 to avoid the severe impacts of the climate change.<\/p>\n
During the annual meetings\u2019 events, the African Banker Award chose the National Bank of Egypt (NBE) as the best regional bank in North Africa this year.<\/p>\n
In its Economic Outlook Report for Africa, published on Wednesday, the AfDB raised its projections for Egypt\u2019s real GDP growth to 5.7 percent in 2022 \u2013 up from 4.7 percent it expected in 2021 \u2013 before slowing down to 5.1 percent in 2023.<\/p>\n
The report also noted that Africa needs a sum of $32 billion to $40 billion per year to support the energy value chain to reach universal access for electricity by 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"
The African Development Bank (AfDB) has launched the Africa Circular Economy Facility (ACEF) at a total value of \u20ac4 billion in collaboration with the Finnish government, said Kariuki Kevin Kanina, the bank\u2019s Vice President for Climate Action.<\/p>\n","protected":false},"author":4,"featured_media":319771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[292],"class_list":["post-325550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-african-development-bank-afdb"],"yoast_head":"\n