UK to guarantee $2bn of AfDB debt to boost climate fight

2022/06/27 23:30:00

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, said.

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The UK has agreed to guarantee $2 billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects. Moneyweb Banks Finance

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, said.

The UK has agreed to guarantee $2 billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.27 June 2022 - 11:08 Saul Butera and Antony Sguazzin Picture: BLOOMBERG The UK has agreed to guarantee $2bn of the debt the African Development Bank ( AfDB) has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.27 June 2022 - 11:08 Saul Butera and Antony Sguazzin Picture: BLOOMBERG The UK has agreed to guarantee $2bn of the debt the African Development Bank ( AfDB) has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.The British High Commissioner to Nigeria, Catriona Laing , has said the English proficiency test imposed on many seekers of academic and other types of opportunities in the United Kingdom (UK) confers more advantage on Nigerians than citizens of other nations required to take such tests.

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, president of the Abidjan, Ivory Coast-based bank, said in interview last week. “That allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said.  “That allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said. “It will allow us to free up $2 billion of additional financing headroom for the bank.  “It will allow us to free up $2bn of additional financing headroom for the bank.” The guarantees are a step toward meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges.” The guarantees are a step towards meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges. At the same time, its abundant solar and renewable power resources favor the development of greener energy. As far as I am concerned, it is actually an asset and an advantage to Nigerians compared to many others," she said.

African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33 billion, according to the Global Center on Adaptation.  African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33bn, according to the Global Center on Adaptation.  African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33bn, according to the Global Center on Adaptation. Earlier this month, Bloomberg News reported that the UK is considering guaranteeing at least $1 billion of South African debt as part of an $8.5 billion climate finance deal designed to cut the nation’s reliance on coal and drive a shift to green energy, citing people familiar with the situation.5bn climate finance deal designed to cut the nation’s reliance on coal and drive a shift to green energy, citing people familiar with the situation. Some of this amount would apply to debt provided by the African Development Bank, the people said, asking not to be identified because the talks aren’t public.  Some of this amount would apply to debt provided by the African Development Bank, the people said, asking not to be identified because the talks aren’t public. Adesina reiterated plans to help South Africa raise the $40 billion his bank estimates the country needs to transition from coal.  Adesina reiterated plans to help SA raise the $40bn his bank estimates the country needs to transition from coal. The price of the test has also been described as a ripoff.

That plan, he said, would “leverage” off the $8.5 billion offered to South Africa by the UK, US, Germany, France and the European Union.5bn offered to SA by the UK, US, Germany, France and the EU.5bn offered to SA by the UK, US, Germany, France and the EU. Still, he said, about $11 billion in grants, concessional finance and guarantees would be needed to give effect to the plan, which Adesina said wouldn’t see South Africa incur more debt. “You cannot get to net zero with zero financing,” Adesina said.  “You cannot get to net zero with zero financing,” Adesina said. “We have a great plan, it’s a fantastic plan,” he said, without explaining how taking on further debt would be avoided. “We have a great plan, it’s a fantastic plan,” he said, without explaining how taking on further debt would be avoided. According to Ms Laing,"English is the official language of many countries around the world but we have to set a clear uniform standard.

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The UK has agreed to guarantee $2 billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.27 June 2022 - 11:08 Saul Butera and Antony Sguazzin Picture: BLOOMBERG The UK has agreed to guarantee $2bn of the debt the African Development Bank ( AfDB) has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.27 June 2022 - 11:08 Saul Butera and Antony Sguazzin Picture: BLOOMBERG The UK has agreed to guarantee $2bn of the debt the African Development Bank ( AfDB) has extended to governments on the continent, allowing the lender to free up finance for climate-related projects.The British High Commissioner to Nigeria, Catriona Laing , has said the English proficiency test imposed on many seekers of academic and other types of opportunities in the United Kingdom (UK) confers more advantage on Nigerians than citizens of other nations required to take such tests.

The additional lending capacity will be used to fund projects for climate resilience and renewable energy, Akinwumi Adesina, president of the Abidjan, Ivory Coast-based bank, said in interview last week. “That allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said.  “That allows us to transfer some of our own assets, which we have on our sovereign loan books to the private sector,” he said. “It will allow us to free up $2 billion of additional financing headroom for the bank.  “It will allow us to free up $2bn of additional financing headroom for the bank.” The guarantees are a step toward meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges.” The guarantees are a step towards meeting a financing gap that Africa, the continent worst hit by climate change, needs to meet to finance the strengthening of infrastructure such as roads and bridges. At the same time, its abundant solar and renewable power resources favor the development of greener energy. As far as I am concerned, it is actually an asset and an advantage to Nigerians compared to many others," she said.

African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33 billion, according to the Global Center on Adaptation.  African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33bn, according to the Global Center on Adaptation.  African leaders estimate that adapting to climate change — by fortifying coastlines against rising sea levels, combating desertification and building climate-resilient roads and bridges — would require an annual $33bn, according to the Global Center on Adaptation. Earlier this month, Bloomberg News reported that the UK is considering guaranteeing at least $1 billion of South African debt as part of an $8.5 billion climate finance deal designed to cut the nation’s reliance on coal and drive a shift to green energy, citing people familiar with the situation.5bn climate finance deal designed to cut the nation’s reliance on coal and drive a shift to green energy, citing people familiar with the situation. Some of this amount would apply to debt provided by the African Development Bank, the people said, asking not to be identified because the talks aren’t public.  Some of this amount would apply to debt provided by the African Development Bank, the people said, asking not to be identified because the talks aren’t public. Adesina reiterated plans to help South Africa raise the $40 billion his bank estimates the country needs to transition from coal.  Adesina reiterated plans to help SA raise the $40bn his bank estimates the country needs to transition from coal. The price of the test has also been described as a ripoff.

That plan, he said, would “leverage” off the $8.5 billion offered to South Africa by the UK, US, Germany, France and the European Union.5bn offered to SA by the UK, US, Germany, France and the EU.5bn offered to SA by the UK, US, Germany, France and the EU. Still, he said, about $11 billion in grants, concessional finance and guarantees would be needed to give effect to the plan, which Adesina said wouldn’t see South Africa incur more debt. “You cannot get to net zero with zero financing,” Adesina said.  “You cannot get to net zero with zero financing,” Adesina said. “We have a great plan, it’s a fantastic plan,” he said, without explaining how taking on further debt would be avoided. “We have a great plan, it’s a fantastic plan,” he said, without explaining how taking on further debt would be avoided. According to Ms Laing,"English is the official language of many countries around the world but we have to set a clear uniform standard.

© 2022 Bloomberg .  More stories like this are available on.