(Bloomberg) -- Ivory Coast is setting up a $500 million green-financing facility to catalyze funding to combat climate change.
Backed by the African Development Bank and the Climate Investment Funds, the facility along with other initiatives will help the West African nation reach its target of reducing greenhouse gas emissions by one third by 2030 while simultaneously building climate resilience, the International Monetary Fund said in a statement.
The blended-finance facility will be managed by Ivory Coast’s Banque Nationale d’Investissement and seek to raise capital from the Green Climate Fund, the Global Environment Facility, multilateral development banks, development finance institutions and other sources, the IMF said.
The world’s top cocoa producer aims to build climate resilience across sectors such as agriculture, food and land use and in coastal zones, according to its 2022 national climate action plan, a goal shared by a number of other African nations.
The new facility forms part of the AfDB’s African Green Bank initiative, which seeks to boost African nations’ share of global finance that’s dedicated toward climate-resilient and low-carbon projects from 3% currently to 10% by 2030.
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