Monday, April 22, 2024

BOI, AFD sign €2.5m agreement to tackle Climate Change in Nigeria

The Bank of Industry (BOI) and the Transforming Financial Systems for Climate (TFSC) Program of the French Development Agency (AFD), have signed a grant agreement for €2.5 million to fight climate change in Nigeria.

The managing director/chief executive officer, Bank of Industry (BoI), Mr. Olukayode Pitan, during the grant agreement signing ceremony, noted that it is critical for BoI to take the lead in mobilizing capital for green and sustainable investment due to the serious threat that climate change poses to sustainable development in the country.

The TFSC Program focuses on scaling up of climate finance in the targeted countries, to ensure climate change mitigation or adaptation; specifically projects focused on renewable energy, low carbon, climate-smart agriculture technologies, clean urban transportation and others.

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Pitan commended the dedication of AFD, the GCF and its strategic partners in delivering a smooth and efficient implementation of the idea with specific reference to gender equality, as it continues to implement President Muhammadu Buhari’s policies with respect to climate finance.

“In addition to the line of credit, the €2.5 million technical assistance funds will support capacity building for BoI and its customers, thereby enabling the scaling of current efforts by BoI towards climate change mitigation and adaptation. This will contribute significantly to reducing Nigeria’s carbon footprint. He said

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The Country director, AFD, Mr. Xavier Muron, while speaking pointed out that the partnership will enable BOI to get strong technical assistance as a key financial actor supporting the country’s goal to reach carbon neutrality.

Muron appreciated the strong relationship BoI and AFD have been building and looks forward to further supporting the BoI in its activities to drive strategic social, economic and environmental impact in the communities the bank serves.

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