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African Export-Import Bank (\u201cAfreximbank\u201d)\u00a0(www.Afreximbank.com<\/a>) is participating in the inaugural Africa Climate Summit, at which leading decision makers \u2013 from Africa and the wider international community \u2013 are gathering to discuss Africa\u2019s exposure to climate change and its associated costs, with solutions and commitments for action to be formalized in the \u201cNairobi Declaration\u201d. The event \u2013 convened by the African Union and hosted by the Government of Kenya \u2013 aims to create a forum in which government officials, policymakers, climate experts, businesses, civil society organizations, and international delegates can develop Africa-centric solutions which can be presented to the broader global community at the forthcoming COP28 in Dubai in November.<\/p>\n<\/p>\n Afreximbank\u2019s participation reflects the institution\u2019s recognition of the centrality of climate change amongst Africa\u2019s various challenges, as rising temperatures and sea levels, droughts, and floods further constrain the continent\u2019s economic development. At the Summit, a delegation led by Afreximbank\u2019s President Prof.\u00a0Benedict Oramah\u00a0is contributing to high-level discussions on climate finance, and several initiatives to support African states in developing future-proofed, green industries, which can accelerate economic development whilst also safeguarding the continent\u2019s \u2013 and the world\u2019s \u2013 ecological and climate security.\u00a0<\/p>\n President Oramah in his opening speech for the Head of State Panel on the theme \u201cNew Climate Finance Architecture\u201d commented that \u201cthe problem hasn\u2019t been the deficit of ideas but the lack of action on the part of almost all stakeholders\u201d.\u00a0 He stated that \u201cwe must call on developed economies to honour their commitments to developing nations towards climate finance. In the absence of firm global action, Africa is implementing concrete actions and putting forward pragmatic proposals to mobilise global resources to deal with the challenges of climate change.\u201d\u00a0<\/p>\n The Bank\u2019s commitment on climate change, which it is promoting at the Summit, is focused on climate adaptation. Afreximbank is working to co-ordinate and support programmes which mobilize finance for climate-related initiatives, optimize nature-based solutions on the continent, and promote African food security and sustainable water supply, as well as investing in improvements to systems which manage and contain disasters when they occur.<\/p>\n Specific proposals and initiatives led by the Bank include a collaboration with Africa Risk Capacity (ARC) to create a product that protects African economies against food security that arises from climate-induced disasters. Afreximbank finances the premiums and provides food import finance, while ARC provides the insurance capacity. President Oramah added that with funding at just US$1 billion, this product is grossly underfunded and there is scope for the World Bank and capital-rich economies to step in by providing capital to this fund.\u00a0Secondly, a global carbon tax, which many countries have advocated for, could also become a major source of liquidity for the climate insurance programme.<\/p>\n In addition, Afreximbank is increasing its support for its member states in navigating an already precarious climate landscape. Through investments in the continent\u2019s infrastructure to lay the groundwork for a low-carbon transition, as well as advocacy for Africa\u2019s specific energy needs, it is rallying support for the development of African natural gas and energy reserves, which can in turn, accelerate the realization of Africa\u2019s renewable energy potential.<\/p>\n The participation of Afreximbank at the Summit follows the Banks\u2019 focused involvement at COP27 in Sharm el-Sheikh\u00a0in 2022 as well as the signing of a US$3 billion Country Programme between Afreximbank and the Government of Kenya on 3 May 2023\u00a0(https:\/\/apo-opa.info\/3Rdudge<\/a>).\u00a0As part of the programme, the Government of\u00a0 Kenya was the first country to access Afreximbank\u2019s recently introduced Climate Change Adaptation Facility.<\/p>\n Commenting on the Bank\u2019s participation in the Africa Climate Summit, President Oramah said:<\/strong><\/p>\n “I am pleased that Afreximbank\u2019s significant influence and expertise will contribute to the essential discussions taking place at the Africa Climate Summit here in Nairobi this week. Afreximbank has made real and vital contributions to this continent\u2019s climate resilience, as well as the ability of its economies to establish the groundwork for sustainable and inclusive growth. From financing solar power plants to helping devise Africa\u2019s entry into global carbon markets and supporting the establishment of an African Energy Bank to guarantee continental energy security and sustainability, Afreximbank has played a pivotal role in Africa\u2019s ongoing efforts to protect itself from existing climate challenges and prevent the occurrence of new ones. Afreximbank will continue to represent the interests and concerns of its African member states in this most vital of contemporary discussions.\u201d<\/p>\n The Africa Climate Summit began on 4th<\/sup> of September and will end on the 6th<\/sup> of September.<\/p>\n<\/p>\n Distributed by APO Group on behalf of Afreximbank.<\/i><\/p>\n Follow us on:<\/strong> About Afreximbank:<\/strong> For more information, visit:\u00a0www.Afreximbank.com<\/a><\/p>\n Source<\/a> African Export-Import Bank (\u201cAfreximbank\u201d)\u00a0(www.Afreximbank.com) is participating in the inaugural Africa Climate Summit, at which leading decision makers \u2013 from Africa and the wider international community \u2013 are gathering to discuss Africa\u2019s exposure to climate change and its associated costs, with solutions and commitments for action to be formalized in the \u201cNairobi Declaration\u201d. The event \u2013 […]<\/p>\n","protected":false},"author":7,"featured_media":158115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/www.africa-newsroom.com\/files\/thumb\/b8d8244315b148a\/600\/418","fifu_image_alt":"","footnotes":""},"categories":[8377],"tags":[6175,258,256,4696,6239,4554,8378,8379,8381,5738,257,11679,254,5757,8380],"class_list":["post-158114","post","type-post","status-publish","format-standard","has-post-thumbnail","category-congo","tag-afreximbank","tag-africa","tag-africa-news","tag-central-africa","tag-climate","tag-congo","tag-congo-news","tag-congo-republic","tag-congo-brazzaville","tag-inaugural","tag-news","tag-participates","tag-south-africa-today","tag-summit","tag-west-congo"],"fifu_image_url":"https:\/\/www.africa-newsroom.com\/files\/thumb\/b8d8244315b148a\/600\/418","_links":{"self":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/158114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/comments?post=158114"}],"version-history":[{"count":0,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/posts\/158114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media\/158115"}],"wp:attachment":[{"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/media?parent=158114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/categories?post=158114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/southafricatoday.net\/africa-news\/wp-json\/wp\/v2\/tags?post=158114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nAfrican Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa\u2019s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank\u2019s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody\u2019s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, \u201cthe Group\u201d).<\/p>\n<\/p>\n
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