AfDB launches $35 million climate risk financing project

By Ebi Kesiena

The African Development Bank (AfDB) has launched a $35 million climate resilience project aimed at strengthening responses to climate crises in Comoros, Djibouti, Somalia and South Sudan.

The agreement for the Multinational Climate Disaster Risk Financing Project was signed by the finance ministers of these countries and the governor of the central bank of South Sudan, together with the Vice President of Agriculture, Human and Social Development of the AfDB, Beth Dunford .

The signing ceremony took place on the sidelines of the AfDB’s 2024 Annual Meetings in Nairobi, following the approval of the project by the bank’s board of directors.

The initiative, which is part of the AfDB’s Africa Disaster Risk Financing Programme, aims to help these nations adopt climate disaster risk financing instruments, improve the use of climate and disaster risk financing tools pre-established and strengthen their adaptation and resilience against climate risks.

According to Minister of Finance Mzé Abdou Mohamed Chanfiou of Comoros, periodic flooding in Comoros and its impact on economic growth and resource mobilization have further emphasized the need for substantial resources to assist in relief and reconstruction efforts.

Furthermore, Djibouti’s Finance Minister, Ilyas Moussa Daweleh, noted that the region’s climate fragility has contributed to inter-ethnic conflicts and significant migrations, with 28,000 migrants monthly heading to the Gulf States.

He applauded the AfDB’s support, particularly for its potential to help livestock farmers affected by climate impacts.

Somalia’s Finance Minister Bihi Iman Egeh and South Sudan’s central bank governor James Alic Garang also expressed their support and recognized the project as a crucial step in building climate resilience in their countries.

Meanwhile, Beth Dunford highlighted the seriousness of the threats of climate change, especially in the Horn of Africa and small island nations such as Comoros.

He explained that climate change often manifests itself in highly variable and erratic rainfall patterns, rising temperatures, droughts, floods and increasingly intense tropical cyclones.

Heritage Times HT reports that the ministers hailed the agreement as a transformative step towards improving climate resilience in their respective countries.

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