AfDB to float bond to help African Countries tackle challenges

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    Adesina

    …mobilize $25 billion in climate finance by 2025 in support of African countries

     

    African Development Bank is working on developing Security-Indexed Investment Bonds to help African countries and Regional Economic Communities to mobilize resources to tackle these challenges.

    The President, AfDB, Akinwunmi Adesina, stated this while delivering his speech with the theme ‘Nigeria’s economic resurgence: Learning from the African experience,’ at this year’s Mid-Term Ministerial Performance Review Retreat held on Monday in Abuja.

    He also stated that AfDB will mobilise $25 billion in climate Finance by 2050 in support of African Countries.

    The Security-Indexed Investment Bonds according to him will raise funds on the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect zones where there are strategic investments.

     

    “Without security there cannot be investment, without investment there cannot be growth, and without growth there cannot be development. The African Development Bank stands ready to help Nigeria in the design and implementation of Security-Indexed Investment Bonds to raise more resources to tackle its security challenges”, said Adesina.

    Speaking further on climate Change, he said, “Climate change will pose challenges to Nigeria’s economic resurgence. Climate change has already decimated the whole of the Lake Chad basin. Today, that vast area, which used to provide livelihoods and resources for fisheries, livestock and food production is now littered with patch lands, dried up water beds and scorched earth”.

     

    He urged the Federal Government of Nigeria to take decisively steps to tackle climate change. “The African Development Bank will be there to help. The Bank will mobilize $25 billion in climate finance by 2025 in support of African countries”.

     

    “Nigeria must prioritize climate adaptation and mitigation actions. It should prioritize the re-charging of the Lake Chad basin. It should drive for a just energy transition – with natural gas – to protect its economy, assure energy for industrialization, while reducing greenhouse gas emissions”, stressed AfDB president.

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