Climate Investment Funds (CIF)
The AfDB is serving as an implementing agency of the Climate Investment Funds (CIF). Established in 2008 as one of the largest fast-tracked climate financing instruments in the world, the US $8.3 billion CIF gives developing countries worldwide an urgently needed jump-start toward achieving low-carbon and climate-resilient development.
The CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, multilateral development banks, (MDBs) and other sources.
As part of the AfDB’s commitment to supporting Africa’s move toward climate-smart development, it is helping to expand access to international climate change financing.
The Climate Investment Funds include four key programs:
- Clean Technology Fund (CTF)
- Forest Investment Program (FIP)
- Pilot Program Climate Resilience (PPCR)
- Scaling Up Renewable Energy Program (SREP)
A third of CIF's US $8.3 billion goes to Africa. With CIF support, AfDB currently finances 39 investment plans in 27 countries and 1 region to transform their economies through renewables, sustainable transport, climate resilience and sustainable forest solutions. Currently, AfDB has approved 21 projects for $2.4 billion (AfDB $1.7 billion, CIF $0.7 billion).
Resources
- 13/06/2018 - MDB climate finance hit record high of US$ 35.2 billion in 2017
- 08/06/2018 - The African Development Bank and the Climate Investment Funds support their first private sector-led geothermal power plant in Kenya
- 04/09/2017 - Unlocking capital flows for forest development in Africa
- 31/08/2017 - Mali : un atelier de formation sur les énergies renouvelables pour sensibiliser les journalistes aux enjeux du secteur
- 19/07/2017 - Tanzania wins US$21.7 million from Climate Investment Funds to advance geothermal exploration and transform its energy sector