Cote d’ivore -The governments of Japan and Austria have approved a $1 million fund to strengthen the participation of the private sector in combating climate change in Africa.
The funding will be channelled to the Africa Private Sector Assistance (FAPA) grant, which aims to expand the role of the private sector in the Nationally Determined Contributions (NDCs) of African countries. NDCs are national efforts to reduce greenhouse gas emissions in line with the Paris Agreement on climate change.
The governments of Japan and Austria and the African Development Bank (AfDB) are active contributors to FAPA which is a multi-donor thematic trust that provides grant funding for technical assistance as part of AfDB’s Private Sector Development Strategy. The fund has so far provided over $68.58 million to 79 projects in 38 countries across the African continent. The FAPA portfolio includes regional and national projects that improve the business environment, strengthen financial systems, build private sector infrastructure, promote trade, and the development of micro, small and medium enterprises.
The Climate Change and Green Growth Department of the AfDB will oversee the implementation of the FAPA project.
The aim of the project is to involve the private sector, especially SMEs, in improving the integration of climate change measures in their investment decisions.
AfDB Regional Member Countries (RMCs) selected for the implementation of the project are Egypt, Angola, Mozambique, Morocco, Nigeria and South Africa.
The project is expected to contribute to green and inclusive economic growth in the target RMCs and enhance the capacity of SMEs, project developers and sponsors to scale up green investments that support NDCs. It will also help increase private sector investments that facilitate the implementation of NDCs in target countries. The project will also address constraints to attracting climate finance, such as lack of enterprise knowledge, and inadequate capacity in preparing green bankable project proposals.
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