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 17 projects for $2.1 billion (AfDB $1.4 billion, CIF $0.7 billion).
- 07/03/2017 - African Development Bank and Forest Investment Program sign loan with Form Ghana Ltd to restore Ghana’s forests
- 07/03/2017 - Mali to receive US $25 million concessional loan to build utility-scale solar photovoltaic plant and transform the West African energy market
- 09/02/2017 - Adaptation Benefit Mechanism (ABM) workshop
- 13/01/2017 - Swedish firm wins AfDB contract to develop market-friendly Adaptation Benefit Mechanism for climate resilience
- 12/01/2017 - Burkina Faso wins $4-million loan to invest in farmers’ cooperatives to revive sustainable cashew market