The Global Green Growth Institute (GGGI) and the African Development Bank (AfDB) signed a partnership to accelerate Africa’s inclusive and sustainable green growth.
By Ahn Mi Young (IPS)
The Global Green Growth Institute (GGGI) presented the African model of a National Financing Vehicle in which the governments of Rwanda and Ethiopia have successfully promoted green growth and climate resilience, at an event May 25 on the sidelines of the annual meetings of the Board of Governors of the African Development Bank (AfDB) in Busan, South Korea.
GGGI and AfDB signed a partnership to accelerate Africa’s inclusive and sustainable green growth.
“We will focus on Africa, as we are seeing a huge potential in Africa,” Hyoeun Jenny Kim, deputy director general of GGGI, said in her opening remarks.
“So far, we’ve worked very closely and very extensively with Ethiopia and Rwanda throughout the comprehensive stages of designing and developing projects as well as mobilizing funds,” she told IPS after the side event.
“We’ve so far worked only with a small number of countries… But these climate funding success stories in Rwanda and Ethiopia encouraged us to extend our reach to other Africa countries like Senegal, Uganda or Mozambique,” she added.
After a two-year stint as ambassador to Senegal, Kim, who previously worked at the OECD, joined GGGI in May as its new deputy director general, in charge of planning and implementation of 33 projects in 25 countries.
She emphasized the need for adopting locally relevant green growth paths in Africa, as well as mobilizing funds. “When I was working at OECD, I was seeing the agenda from a global perspective. [While in Senegal as a Korean ambassador], I have seen the unique and particular reality facing each African country. So I understand the need to adapt our climate resilience and green growth initiatives to fit the particular condition of each African country.”
The side event highlighted how Rwanda and Ethiopia have used public investment funding to bring aboard private sector investment with close cooperation with GGGI.
Hubert Ruzibiza, CEO of Rwanda’s Green Fund, revealed how Rwanda has successfully financed green growth and climate resilience through its National Fund for Environment and Climate Change (FONERWA), whose function is to identify and invest in the best public and private projects that have the potential for transformative change that aligns with Rwanda’s commitment to building a strong green economy.
Read the complete story at Inter Press Service