The French Development Agency (AFD) and the Bank of Industry (BOI) have joined forces to fight climate change in Nigeria by signing a grant agreement of 2.5 million euros, which was authorized by the Green Climate Fund (GCF).
The TFSC programme focuses on financing investments that contribute to climate change mitigation, specifically projects focused on renewable energy, low carbon and efficient energy generation, climate-smart agriculture technologies, clean urban transportation and others.
The Project Manager of AFD, Assatou Kumagangue disclosed this in a statement on Thursday in Abuja.
According to the statement, Emmanuelle Blatmann, the French ambassador to Nigeria and ECOWAS met with Xavier Muron, the Country Director of AFD in Nigeria and Olukayode Pitan, the Managing Director of BOI, to discuss how to combat climate change in Nigeria.
France alone has committed more than 1.5 billion Euros to the Green Climate Fund since 2019.
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It will be recalled that in 2022, the BOI and AFD signed a 100 million Euro credit line for the expansion of green finance in Nigeria which was approved under AFD’s Transforming Financial Systems for Climate (TFSC) Programme with the Green Climate Fund (GCF), a US$ 650 million programme developed in 17 countries for 100 per cent climate investment projects.
Story was adapted from NAN.
