The African Development Bank (AfDB) launched the African Green Bank Initiative to address key climate finance barriers in Africa and promote resilient, green and sustainable growth.

The Green Bank initiative, which is in its pilot phase, will be supported by the African Green Finance Facility (AG3F) Fund. The Fund aims to mobilize $10 million for technical assistance, of which $1.6 million has already been obtained. It also aims to develop an ecosystem of local and regional green finance facilities to mobilize private investment in support of the climate transition. AG3F will collaborate with existing local financial institutions and rely on their network, financing capacity and experienced staff to ensure rapid deployment