After obtaining accreditation in 2015, the AFC said in a statement that it was one of the first African development finance institutions to sign such an agreement. To date, AFC has demonstrated its long-standing commitment to green energy financing in Africa by investing at an early stage in the award-winning 26 MW cabeolica wind farm in Cape Verde, the first commercial wind farm in sub-Saharan Africa. “After WADA`s signature, AFC will have access to direct funding through GCF, rather than through intermediaries or third parties. Oliver Andrews, Chief Investment Officer of AFC, said: “The consequences of the effects of climate change can have serious repercussions on the successful development of the African economy. AFC is therefore very committed to this partnership with GFC. The AFC and the GCF have not only common goals, but also common values. “It is expected that the GCC will over time become the main multilateral financing mechanism to support climate action in developing countries,” the Africa-focused multilateral financial institution said. “Similarly, the GCC favours highly fragile societies, particularly the least developed countries (LDCs). Given that AFC is also fuelled by a belief in sustainable economic growth, this synergy is an excellent recipe for success in all respects. The GCC`s activities are therefore guided by the principle of countries` participation in the priorities of developing countries. With the strategic injection of capital, African companies could one day be at the forefront of green energy production for industry and local communities.
AFC is also currently developing more than 500 MW of renewable energy projects across the continent, the financial institution said in a statement. Pa Ousman Jarju, Director of GCF`s Country Programs Department, commented on the announcement: “AFC is well positioned to support African entrepreneurs and explore the enormous potential for economic growth across the continent in a way that does not harm the global environment.” “For example, AFC is committed to investing in post-conflict countries and those facing structural development challenges. Earlier this week, the Africa Finance Corporation (AFC) signed a Master of Accreditation (AMA) agreement with the Green Climate Fund (GCF) in Seoul, South Korea. . . .