The Swiss Confederation and Spain have said that ten million euros of additional funds will be provided to African nations and cities suffering from the adverse consequences of climate change.
According to the statement issued by the Communication and External Relations Department of the AfDB, the announcement was made at the ongoing 27th United Nations Climate Change Conference.
The Conference of the Parties to the United Nations Framework Convention on Climate Change is another name for it (COP27).
Additionally, the announcement was made on behalf of the Swiss Confederation by the AfDB Group in collaboration with the Swiss State Secretariat for Economic Affairs (SECO).
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The Urban and Municipal Development Fund of the AfDB Group received confirmation of two donations from Switzerland and Spain totalling roughly five million euros each (UMDF).
The UMDF is a trust fund that would help African vulnerable countries to encourage equitable green and climate-resilient urbanisation.
It was also created by the AfDB in 2019 to work upstream with African municipalities and local and national authorities by consolidating investment action plans and accelerating project identification and preparation (pre-investment activities).
Amb. Dominique Paravicini, SECO’s Head of Economic Cooperation and Development spoke on Switzerland’s recognition of the importance of cities for economic development, and their impact on and vulnerability to climate change.
Paravicini is also the Swiss Governor of the AfDB.
Also speaking, Ramón López Pérez, said Spain recognised the significant role the AfDB Group played in fostering economic and social progress in Africa.
Pérez is the Senior Advisor on Climate Finance in Spain’s Ministry of Economic Affairs and Digital Transformation.
Thanking the partners for the support, Mike Salawou, Director of Infrastructure and Urban Development Department, AfDB Group said the support from the governments of Switzerland and Spain was precious.
According to the statement, Africa is projected to face the fastest urban growth rate in the world at about 3.2 per cent per annum.
By 2050, it is expected that about 1.5 billion people will live in Africa’s towns and cities, an additional urban population of 900 million people.
Story was adapted from Sun.
