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The European Investment Bank (EIB) says it will provide 916 million euros (around $995 million) worth of loans for climate-resilient infrastructure development in sub-Saharan Africa.
The announcement was made by EIB Loan Officer Morag Baird at the opening of a three-day "Africa Climate Resilient Infrastructure Summit."
The summit brings together African Union Commission officials; African ministers of energy, infrastructure, transport, water, agriculture and food security; and other pertinent experts, as well as international partners and lenders, national experts and research institutions.
The loans earmarked for sub-Saharan Africa is part of a 19-billion-euro package (roughly $20 billion) allocated by the EIB for climate activities in 2014.
"Efforts to mitigate and adapt to climate change are a priority for the EU," Baird said. "We have a target of at least 25 percent of EIB lending to be towards climate action."
For his part, Paul Desanker, manager of the adoption program within the UN Framework Convention on Climate Change, said a global climate fund would reach some $200 billion by 2020.
"Fifty percent of this goes to the least developed countries," he said, voicing hope that the summit would help governments "articulate their adaptation needs."
The summit, according to an event program, "aims at introducing to the representatives of member states of the African Union practical solutions and technical cooperation from the private sector, technology provides, consultancies and service providers."
A side exhibition at the event highlighted products and services – along with a range of partners and stakeholders – in the climate field.
www.aa.com.tr/en - Addis Ababa
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