Angola, Benin, Côte d’Ivoire and Nigeria will receive financing through the Africa Sovereign Climate Facility, a programme managed by the Africa Finance Corporation.
The facility will help the four governments identify, prepare and finance projects designed to withstand floods, droughts, rising temperatures, unpredictable rainfall and other climate-related pressures.
According to the Green Climate Fund’s official project record, the programme has a total value of $674.88 million.
The global fund will provide $274.96 million, comprising approximately $255.32 million in loans and $19.64 million in grants. Another $399.92 million will be provided through co-financing.
Africa Finance Corporation separately described the package as a $690 million facility in its announcement. It said the Green Climate Fund’s contribution was about $280 million, while it would arrange and fully fund a parallel commercial facility of up to $260 million.
However, the Green Climate Fund’s approved project page provides the more precise figures, listing $674.88 million as the total project value and $274.96 million as its own contribution.
Energy, water and food projects targeted
The financing will be channelled through the ministries of finance in the four participating countries.
Eligible investments include electricity transmission, distribution and storage systems, renewable-energy access, water supply, sanitation, food systems and infrastructure designed to withstand climate-related shocks.
Some of the grant funding will finance technical assistance. This will help governments develop investment-ready projects, integrate climate risks into economic and fiscal planning and improve project monitoring.
The facility is expected to increase the climate resilience of approximately 4.5 million people and avoid about 3.4 million tonnes of carbon dioxide equivalent over its lifetime.
The Green Climate Fund approved the programme on 28 October 2026. Its implementation had not commenced at the time the project record was published.
Africa Finance Corporation President and Chief Executive Officer Samaila Zubairu said the programme would help governments convert national development priorities into reliable energy, stronger food and water systems and more resilient infrastructure.
“The infrastructure we build today must both power Africa’s growth and withstand the climate pressures of tomorrow,” he said.
The programme responds to a persistent financing challenge across African economies. Governments face growing infrastructure and climate-adaptation needs but often pay high borrowing costs and have limited fiscal space to fund long-term projects.
The participating countries are also exposed to different combinations of coastal flooding, drought, extreme heat, erratic rainfall and pressure on food and water systems.
By combining concessional funding with commercial loans, the facility is intended to lower financing risks and create projects capable of attracting additional capital.
The new programme builds on an earlier partnership between the Green Climate Fund and Africa Finance Corporation. In 2023, the climate fund committed $253 million to an AFC-managed infrastructure fund targeting climate-resilient assets across Africa.
Source: africa.businessinsider.com
