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Philanthropic Three Cairns Group is supporting the Alliance for Green Infrastructure in Africa with a $5 million grant, Amadou Hott, African Development Bank Special Envoy, announced on Thursday. The grant helps to advance the Alliance towards a first funding round close of $500 million for green infrastructure projects across Africa.
The announcement came during a presidential roundtable facilitated by African Development Bank president Akinwumi Adesina on the sidelines of the Summit for a New Global Financing Pact in Paris. Adesina led discussions with African heads of government, investors and development partners who gave support for the Alliance, an initiative of the African Union Commission, the African Development Bank, and Africa50 with other partners. The session discussed innovative climate finance mechanisms.
“The Alliance will mobilize $100 million in grants for project preparation, $400 million in blended financing through grants, concessional resources, and commercial investments for project development,” Adesina said, explaining how the initiative will work.
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