Conference of the Parties (COP27): African Development Bank Group and European Bank for Reconstruction and Development (EBRD) affirm commitment to climate adaptation and to helping African businesses become more resilient

Conference of the Parties (COP27): African Development Bank Group and European Bank for Reconstruction and Development (EBRD) affirm commitment to climate adaptation and to helping African businesses become more resilient

African Development Bank (www.AfDB.org) President Dr. Akinwumi Adesina and European Bank for Reconstruction and Development (EBRD) President Odile Reinaud-Basso have agreed that their organizations would step up cooperation to enhance resilience among African businesses. The two development bank heads held talks earlier this month at this year’s global climate summit (COP27) in Sharm El Sheikh, Egypt.

Adesina highlighted that “climate adaptation in Africa was a key condition to preserving economic growth and maintaining social cohesion on the continent.”

Reinaud-Basso confirmed EBRD’s commitment to support the implementation of the Africa Adaptation Acceleration Program (AAAP), an initiative jointly launched in 2021 by the African Development Bank and the Global Center on Adaptation. The program is mobilizing $25 billion by 2025. These funds will help accelerate climate adaptation action in Africa through initiatives in four priority areas: food security; resilient infrastructure; youth entrepreneurship and job creation; and innovative climate adaptation finance.

Global heating entails rethinking of how infrastructure, cities, and financial systems are designed and operated. This requires effective partnerships between public and private actors and strong engagement with civil society.

By partnering and working closely with government institutions, public utilities, local enterprises and communities, multilateral development banks like the African Development Bank and EBRD can play