The UK has agreed to guarantee $2 billion of the debt the African Development Bank (AfDB) has extended to African governments, allowing the lender to free up finance for climate-related projects.
AfDB’s President Akinwumi Adesina says the additional lending capacity will be used to fund projects for climate resilience and renewable energy.
The guarantees are a step toward meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges.
African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33 billion, according to the Global Center on Adaptation.
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