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Finance in Common: New AFD Projects on the Ground
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A key organizer of last week’s Finance in Common, the first summit of development banks, and its emblematic statements, AFD Group also committed to a series of new projects on the ground, alongside its partners. Here is a brief rundown of what’s underway.
- Helping countries in Sub-Saharan Africa and beyond address monetary risks related to Covid-19
With Proparco and the European Union, KfW and IFC, AFD is investing over €200 million in the TCX investment fund, a global development finance initiative. The objective: strengthen the financial resilience of households and companies in some of the poorest countries around the world to help them cope with the Covid-19 crisis.
Further reading: Press release
- Promoting family farming in Angola
The International Fund for Agricultural Development (IFAD) and AFD have signed a co-financing agreement to help family farms in Angola cope with climate change. Through this partnership, a $150 million loan to the Angolan Government will be mobilized to address the challenges of the productivity and resilience of family farming in Angola.
Further reading: Press release
- Eradicating famine and poverty in rural areas
IFAD and AFD have signed a financing agreement to eradicate famine and poverty in rural areas. Through this partnership, a €300 million loan to IFAD will be mobilized to address the challenges of the productivity and resilience of small-scale farmers.
Further reading: Press release
- Strengthening the Caisses des Dépôts of Burkina Faso and Côte d’Ivoire
AFD is mobilizing €3 million of financing via Expertise France to strengthen the structure and development of the Caisses des Dépôts (CDC) of Burkina Faso and Côte d’Ivoire. The objective of this financing for the African CDCs is to help the two countries achieve the Sustainable Development Goals (SDGs).
Further reading: Press release
- Supporting the green transition in South Africa
The Development Bank of Southern Africa (DBSA) and AFD Group have signed a new framework agreement to support the green transition in South Africa. The cooperation between these two institutions to address the climate challenge will support the country on its path towards a resilient low-carbon economy and water sector.
Further reading: Press release
- Developing climate finance in West Africa
The West African Development Bank (BOAD) and AFD have signed a new framework agreement to deepen their partnership to support countries and people in the West Africa region. The priority of this agreement is to develop climate finance in order to bring BOAD members effectively in line with the Paris Agreement.
Further reading: Press release
- Improving health systems in Africa
The Eastern and Southern African Trade and Development Bank (TDB) and AFD have pledged to pool their efforts to increase the resilience of health systems in Africa. €100.2 million will be invested to finance infrastructure and equipment projects to strengthen the health system in the countries where TDB operates.
Further reading: Press release
- Scaling up the climate finance of African Development banks
The Association of African Development Finance Institutions (AADFI) and AFD have signed their first partnership with the aim of achieving the SDGs and effectively aligning Africa with the Paris Agreement. The objective of this partnership is to scale up the financing of African development banks for the climate and post-Covid-19 recovery.
Further reading: Press release
Further reading
Finance in Common Summit: "A Coalition of Public Development Banks to Refocus the Financial System"
Published on october 27 2020
Six Things to Know about Public Development Banks
Published on september 30 2020
