By Elishya Perera
(CU)_The Canadian government has signed a $104.8 million agreement with the African Development Bank (AfDB) to formalise an agreement on climate change.
A statement issued by the AfDB on Tuesday (23 March) said that the Canada-African Development Bank Climate Fund (CACF) aims at proving concessional loans and technical assistance to climate change-related projects which have a strong gender-responsive component.
The fund will be administered by the AfDB and would be capitalised through a combination of a repayable contribution of CA$122.9 million ($104.8 million) and another CA$10 million in a grant contribution.
During the virtual signing ceremony, Canada’s Minister of International Development, Karina Gould, said that the initiative recognised the “critical role” played by women in climate action, and supports their efforts to mitigate effects of climate change.
“Climate change is one of the most important challenges of our time,” she said.
“And, although we are all affected by it, we in Canada know that not everyone is affected equally, that means that vulnerable and marginalized people are bearing the brunt of this crisis.”
President of the AfDB, Dr Akinwumi Adesina, who also participated in the ceremony said that climate resilience is very important in building back Africa. He thanked Canada for support been given to Africa through the bank and through this initiative, particularly in terms of capital.
“Canada has always been there for Africa, Canada is a great friend of Africa,” he said.
According to the AfDB, the resources of the fund will be deployed in a range of projects, including renewable energy, low-carbon technology, climate-smart agriculture, water management and other climate-resilience projects.
Moreover, the fund will also finance climate change-related initiatives launched by AfDB’s regional member countries, particularly those which demonstrate a strong gender equality focus.
