AFRICA – The African Development Bank has secured over U$18 million in funding from the Global Environment Facility (GEF) for two major projects to bolster environmental sustainability and resilience across Africa.
The first project – Strengthening Zambezi River Basin Management towards Climate Resilience and Ecosystem Health – has been allocated US$10.57 million.
This initiative aims to improve the collaborative management of water, energy, food, and environmental resources within the Zambezi River Basin, which spans eight southern African countries: Angola, Botswana, Malawi, Mozambique, Namibia, Tanzania, Zambia, and Zimbabwe.
The second project – the Global Electronics Management (GEM) program (Horn of Africa Regional Child Project) – has received US$7.83 million to address the growing challenge of electronic waste (e-waste) in Somalia, Djibouti, and Ethiopia.
GEF approved the funding during its 67th Council meetings held in Washington, D.C., from June 17 to 20, 2024.
Established before the 1992 Rio Earth Summit, the Facility is the largest source of multilateral funding for biodiversity, addressing interrelated environmental challenges globally. The African Development Bank is one of its implementing agencies with direct access to its resources.
The Zambezi River Basin project, estimated to cost US$9.45 million, is expected to benefit millions through advancements in agriculture, fisheries, and dam operations.
It promotes transboundary cooperation, integrated planning, and adaptive management practices to boost the basin’s resilience and ecosystem health.
The US$60 million GEM program aims to significantly reduce e-waste generation and increase circularity in the electronics sector of developing countries.
“Through these projects, the African Development Bank continues to lead the way in promoting environmental sustainability and resilience, driving positive change for both people and the planet,” stated Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank.
“Over the years, we have also increased our interventions on issues related to chemicals and waste across the African continent.”
These projects represent the African Development Bank’s continued commitment to fostering sustainable development and resilience throughout Africa, addressing critical environmental challenges through innovative and collaborative approaches.
AfDB approves US$43 million to support Ethiopian SMEs
Meanwhile, The African Development Fund (ADF), the concessional financing window of the African Development Bank (AfDB), has approved a grant of US$42.86 million to finance agricultural projects led by Ethiopian small and medium-sized enterprises (SMEs), headed by young people and women.
This will be part of the new Agri-MPME Development for Jobs (AMD4J) program.
The recently launched initiative aims to encourage the creation of sustainable jobs in the agricultural sector through improved access to finance and high-quality business development support for young people and women in agri-SMEs.
Based on two pillars, this program will benefit more than 8,000 SMEs operating in this sector.
The second pillar focuses on designing, establishing, and deploying the Youth Entrepreneurship Investment Bank (YEIB).
This will involve increasing the quality of financial and non-financial support services, improving the coordination of instruments for the benefit of young entrepreneurs, deploying innovative instruments, and strengthening and integrating the players in the ecosystem.
AMD4J will also work with the African Adaptation Acceleration Programme (AAAP) to strengthen adaptation-focused businesses through capacity building and empowerment in this country in the Horn of Africa.
These various initiatives should improve the food situation in this West African country and the Ethiopian economy, given that agriculture is its mainstay. Agriculture, which is mainly rain-fed, is regularly battered by drought, soil regression, and degradation linked to overgrazing and deforestation.
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