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UK to Guarantee $2 Billion of AfDB Debt to Boost Climate Fight

  • Guarantees to free money for climate resilience, green power
  • AfDB is supporting South African Climate Finance Plan
The African Development Bank in Abidjan, Ivory Coast.

The African Development Bank in Abidjan, Ivory Coast.

Photographer: Andrew Caballero-Reynolds/Bloomberg

The UK has agreed to guarantee $2 billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects. 

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, president of the Abidjan, Ivory Coast-based bank, said in interview last week.