AfDB Annual Meetings: Accelerating green infrastructure in Africa

The African Development Bank (AfDB) is firm on its commitment to accelerating green infrastructure in Africa to advance the continent's climate and renewable energy agenda. Patricia Laverley, the Country Manager for Tanzania at the AfDB, emphasized the pivotal role of investing in green infrastructure during an interview with CNBC Africa at the 58th Annual Meetings of the AfDB held in Sharm el-Sheikh. Laverley highlighted the ongoing discussions with the Global Climate Adaptation Center to support Tanzania in its adaptation initiatives as part of the bank's climate action measures. The theme of this year's Annual Meeting focused on mobilizing private sector financing for climate change, underscoring the urgency and importance of addressing climate adaptation and mitigation in Africa. Laverley highlighted the AfDB's climate action window, emphasizing the need for green interventions to align with international standards such as the Paris Agreement. She commended the high level of engagement among climate activists and financiers at the meeting, emphasizing the critical role of implementation in achieving tangible results. One major project highlighted by Laverley is a green hydropower initiative in Tanzania worth $300 million, in collaboration with the European Union and Agence Francaise. This project serves as a testament to the strong partnerships driving climate financing in the region. Additionally, Laverley mentioned discussions with other development financiers to mobilize further funding for climate-related interventions in Tanzania. The AfDB's support extends beyond funding, as seen in efforts to assist Tanzania in accessing global capital markets through innovative financing mechanisms. Laverley acknowledged the importance of prudent debt management to sustain Tanzania's risk profile amid efforts to mobilize additional capital for green infrastructure projects. Looking towards the future, Laverley expressed optimism about Tanzania's growth trajectory, highlighting significant infrastructure developments such as the Standard Gauge Railway and Tanga Pipeline. She called for collaboration from institutional investors, private entities, and other development finance institutions to propel Tanzania towards its development goals. As the 58th Annual Meetings of the AfDB drew to a close, Laverley's message resonated with attendees departing Sharm el-Sheikh, urging them to play their part in driving sustainable development and economic growth in Africa. With a focus on green infrastructure investment and climate action, the AfDB and its partners are poised to lead the charge in advancing Africa's renewable energy agenda.