The Africa Climate Resilient Investment Facility (AFRI-RES) has been announced. This is a joint initiative of the ECA, the World Bank, the African Union Commission, the African Development Bank and the Nordic Development Fund. It will be hosted in the ECA’s African Climate Policy Centre (ACPC).

Africa climate resilient investment facility launchedAFRI-RES was put in place to strengthen the capacity of African institutions, as well as the private sector to plan, design and implement infrastructure investments that are resilient to climate variability and change in selected sectors.

“More than half of the infrastructure the world will have by 2070 hasn’t been built yet, and the fraction is even larger in Africa. We have a once-in-a-lifetime opportunity to ensure Africa’s infrastructure contributes maximally to more climate resilient, green and inclusive African economies,” says Jordan Fabyanske, Associate Partner at Dalberg Global Development Advisors.

“Africa has an incredible wealth of renewable energy resources, and we have seen huge appetite among private investors around the world to invest in clean energy on the continent. The bottleneck is to find projects that combine high quality sponsors, strong and genuine government support, a secure off-taker, a clear and stable legal framework and risk-commensurate returns,” adds Magnus Asbjornsson, Executive Director of Reykjavik Geothermal Ltd.

Speaking at Global Green Growth Week 2017, where the announcement was made, Dauda Suma, Senior Industrial Advisor at the Global Green Growth Institute, said Africa’s rapid urbanisation has presented both a dynamic opportunity and a challenge to Africa. “On the one hand, urbanisation is predicted to deliver stronger economic growth rates for Africa. On the other hand, urbanisation also underlines the huge infrastructure gap in Africa, especially in energy and transportation.”

According to him, the establishment of a Global Green Growth Institute (GGGI) regional hub in Addis Ababa in the near future will strengthen its support to African countries to achieve green infrastructure successfully. Linus Mofor, Senior Environmental Affairs Officer for Energy, Infrastructure and Climate Change at the ACPC adds that Following a green approach to closing Africa’s huge infrastructure gap can create public and private value with co-benefits across a diverse range of stakeholders and goals.

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