Afreximbank pledges to support Africa bridge climate finance gap

African Export-Import Bank has pledged to support Africa to bridge the $250 billion climate finance gap in collaboration with other financial institutions on the continent.

Denys Denya, Afreximbank’s Executive Vice-President, Finance, Administration and Banking Services, said this in a statement issued by Amadou Sall, the bank’s media contact in Abuja, on Saturday.

Mr Denya, who spoke at the ongoing COP27 Conference in Sharm El Sheikh, Egypt, said African financial institutions, with Afreximbank at the forefront, needed to step in to bridge the finance gaps.

He said with the right support and commitment, Africa could, in addition, achieve the vision and goals of the African Continental Free Trade Area (AfCFTA), and help Africa’s population grasp the opportunities within it.

“It will also play a leading role in revitalising Africa’s climate adaptation and mitigation initiatives.

“The AFCFTA offers not just inter-country trading opportunities, but vast opportunities for collaborating on research and investing in the continent’s large youthful and innovative population.

“African nations can leverage on these strengths as they decarbonise,” he said.

Denya urged African financial institutions to offer both financial and technical support targeted at curbing Africa’s greenhouse gas emissions, thereby ensuring the achievement of goals under the AfCFTA were not derailed.

Elias Kagumya, Afreximbank’s Chief Risk Officer,…