World Bank Plans to Invest $5bn in Africa to Help with Climate Change
The World Bank has revealed plans to invest over $5bn over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries.
This was disclosed on Monday in a statement titled ‘World Bank plans to invest over $5bn in drylands in Africa’.
The World Bank Group President, David Malpass, announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations, focused on addressing climate change and biodiversity loss.
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“This investment, which comes at a crucial time, will help improve livelihoods as countries recover from COVID-19 while also dealing with the impact of both biodiversity loss and climate change on their people and economies,”
“More than $5bn in financing will be used to support agriculture, biodiversity, community development, food security, landscape restoration, job creation, resilient infrastructure, rural mobility, and access to renewable energy across 11 countries of the Sahel, Lake Chad and Horn of Africa. Many of these efforts are in line with the Great Green Wall initiative.” said Malpass.
This builds on World Bank landscape investments in these countries over the past eight years that reached more than 19 million people and placed 1.6 million hectares under sustainable land management.
The Chairperson of the African Union Commission, Moussa Faki Mahamat, said “Restoring natural ecosystems in the drylands of Africa benefits both people and the planet,”
“Working with many partners, PROGREEN, a World Bank global fund dedicated to boosting countries’ efforts to address landscape degradation, would also invest $14.5m in five Sahelian countries – Burkina Faso, Chad, Niger, Mali, Mauritania.
The African Development Bank President, Akinwumi Adesina, while addressing the summit virtually from Abidjan, stated, “As we rebuild from the coronavirus and its impacts on our world, we must recalibrate growth.
“We must prioritise growth that protects the environment and biodiversity, and we must de-prioritise growth that compromises our common goals.”
Adesina informed delegates that, The Great Green Wall is part of Africa’s environmental defence system and a shield against the onslaughts of desertification and degradation.
“The future of the Sahel region depends on the Great Green Wall. Without the Great Green Wall, the Sahel region as we know it may disappear.”
In a major announcement, French President, Emmanuel Macron, named President Akinwumi Adesina a Great Green Wall Champion, in recognition for his personal commitment to addressing climate change in Africa. This position would see him play a significant role in mobilising political and economic support for the initiative.
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