AfDB approves $1.5mn grant to Uganda for climate change projects
Summary
The AfDB approved the funds to support Uganda’s Strategic Programme for Climate Resilience.
The African Development Bank (AfDB), led by Akinwumi Adesina, has approved a $1.5 million grant to Uganda to fund climate change projects across the country.
According to press a statement released on Monday, the AfDB approved the funds to support Uganda’s Strategic Programme for Climate Resilience (SPCR), which will create an enabling environment for the country’s resilience to climate change, tackling climate change vulnerability and increasing opportunities and incentives for targeted sectors and stakeholders, including private landowners.
Climate resilience has been defined by the Intergovernmental Panel on Climate Change as the ability of an ecological system to absorb disturbances while retaining its basic structure, functions, organization, and capacity to adapt to stress and change.
“At the Paris global climate summit, the world’s governments noted that the greatly needed push toward climate-resilient societies cannot be met with currently scarce resources,” said Gareth Phillips, AfDB’s Coordinator for the Pilot Programme for Climate Resilience (PPCR).
“We are delighted that the PPCR has allocated this funding to Uganda to further their urgent work toward resilience. The country has signaled a strong commitment to support its citizens in building resilient agriculture, forests, and cities, and this new policy-based SPCR should go a long way toward ensuring that happens.”
The AfDB’s PPCR is drawn from the Climate Intervention Funds, an $8.1 billion fund that provides developing countries with grants, concessional loans, equity etc from the private sector, multinational development banks, and other sources.
Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst
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