Skip to content

Emerging Brand Africa

Home » AfDB President asks Private Sector to Invest more in Green Infrastructure 

AfDB President asks Private Sector to Invest more in Green Infrastructure 

AfDB Annual Report 2022 Demonstrates Commitment to African Countries

Africa Development Bank (AfDB) President Akinwumi Adesina has challenged private investors to support Africa’s green infrastructure development. 

Speaking during this year’s AFDB Annual Meeting in Sharm El Sheikh, Egypt, Adesina noted AfDB’s commitment to mobilizing investors to raise $100 billion.

He explained that Egypt was among the first beneficiaries of AfDB’s initiative after the government raised a $500 million Panda Bond. 

This, according to Adesina, made Egypt the first African nation to issue a Panda Bond. 

The proceeds of the bond, he noted, will be channeled towards various green infrastructure including water and renewable energy.

“We are proud as AFDB to have provided $345 million in Partial Credit Guarantee to the government of Egypt to be able to launch this bond,” Adesina remarked.

Further, Adesina lauded a similar move in Kenya, where the government raised $40 million in an oversubscribed green bond.

The funds were also to finance a raft of green infrastructure in the East African nation.

“This bond got oversubscription indicating very strong investor confidence in Kenya’s strategy and green growth for their economy,” he started.

Green Infrastructure as Measure of Wealth 

Additionally, the AFDB Chief called for more regard for African nations with some of the world’s biggest carbon sequestration features.

In particular, Adesina pointed out the Democratic Republic of Congo and countries within the Congo Basin. 

According to him, the AFDB was in talks with countries in the basin to help them change the valuation of the economy based on carbon sequestration resources. 

“We have to measure wealth differently, it is not just monetary wealth but natural capital too. How you are managing your natural capital stock is what determines your wealth.”