The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
A race against time
Leandro Azevedo is a Senior Climate Finance Officer and Coordinator of the Climate Investment Funds (CIF) at the African Development Bank. Over the past eight years, he has worked in the structuring of private-sector led infrastructure projects in climate change and non-climate change related sectors across Africa. He holds a BA and MA in Economics from the University of Coimbra, Portugal and an MSc in Economics & Business, specializing in Financial Economics from the Erasmus School of Economics, The Netherlands.
Often over the past few years, I’ve come across fellow colleagues working as investment officers who view concessional climate finance as a pure co-financing instrument that can quickly and effectively cover a funding gap in any given project. They fail to understand that if structured in such a simple way, the full potential of concessionality to drive private investment in under-invested sectors will not be met.
In 2008, as the urgency of global support for climate-smart development became increasingly apparent, donor and recipient countries established the Climate Investment Funds (CIF) through the multilateral development banks as a transitory financial mechanism to help provide an interim climate source of funding, pending the effectiveness of a new multilateral climate finance facility developed under the guidance of the United Nations Framework Convention on Climate Change (UNFCCC).