African Development Bank

International

Type: International
Date approved: 05 Mar 2016
Size: Large
ESS Category: Category A, Intermediation 1
Fiduciary standards: Basic, Project management, Grant award, On-lending/blending (Loan), On-lending/blending (Equity), On-lending/blending (Guarantee)

The African Development Bank (AfDB), headquartered in Côte d’Ivoire, is an international entity established in Africa during the 1960s with the objective of supporting the economic development and social progress of countries in Africa by promoting investment of public and private capital in projects and programmes that aim to reduce poverty and improve living conditions. AfDB’s strategy for 2013–2022 focuses on two objectives: improving the quality of Africa’s growth; and the transition to green growth. As part of its objective to transition to green growth, AfDB undertook important initiatives to address climate change in Africa through the implementation of a five-year climate change action plan from 2011 to 2015, including the mobilization to date of approximately US$ 6.5 billion including from external sources, resulting in over 80 climate-resilient projects and almost 90 low-carbon development projects in Africa. AfDB committed to invest US$ 9.6 billion for climate finance in Africa by the end of 2015. Its adaptation activities includes activities relating to agriculture, rural living conditions, water resources and forests, while its mitigation activities focus on sustainable transport, renewable energy and energy efficiency, and sustainable land-use systems. With the accreditation to the GCF, AfDB sought to contribute to the objectives of the GCF by: catalysing impact beyond a one-off investment; ensuring environmental, social and economic co-benefits, as well as gender and youth-sensitive development impacts; addressing vulnerability; and being country-driven and country-owned.