The climate investment funds: in action
The Climate Investment Fund (CIF) provides developing countries with concessional loans, equity, grants and risk mitigation instruments to leverage financing from multilateral banks, the private sector and other sectors. The African Development Bank (AfDB) is one of the five implementing agencies for the CIF concessional funds to Africa; this report is AfDB’s first semi-annual report on the CIF. It highlights projects and investment plans in 15 African countries and the Middle East and North African region (MENA) that aim to support transformations in clean technology, climate resilient development, increased energy access through renewable energy and sustainable management of forests. Highlighted achievements include investment plan approvals for the Scaling-Up Renewable Energy Program (SPREP) in Ethiopia, Kenya and Mali, and allocations to Nigeria to implement its Clean Technology Fund (CTF) investment plan.