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First Two Projects of Africa Climate Change Fund Approved to Support Climate Finance Readiness in Africa
September 1, 2015
The newly established Africa Climate Change Fund (ACCF) has approved its first two projects in the past month. One will support Mali with preparatory funding to advance its low-carbon, climate resilient development agenda, and the second will strengthen data and information on climate change vulnerabilities and opportunities for 54 African countries.
A grant of USD 404,000 from the ACCF will support the government of Mali to develop strategic programmes for a climate resilient and green economy in two key sectors, to elaborate a strategy for financing its transition to green and climate resilient growth, and to attract private sector investment in this transition. It will furthermore strengthen the capacity of the Malian Agency for Environment and Sustainable Development (AEDD), the executing agency for the project, in the management of climate finance.
The project is aligned with the Malian Government's vision to create a green and climate resilient economy, reaffirmed by President Ibrahim Boubacar Keita in 2014 in a communiqué of the Council of Ministers. The ACCF grant is expected to be complemented by support from other funders including the Green Climate Fund's readiness programme in order to advance a coordinated, programmatic approach to preparing the ground to achieve its ambitious goals.