O African Development Bank (AfDB) will invest capital of 15 million dollars in the pioneering Class C Green+ shares of the Commerce and Development Bank Group (TDB Group), in order to leverage and support clean and low-carbon technology projects in several African countries.
According to what was revealed, the amounts will come from the Clean Technologies Fund (CTF), which will also support the creation of a project preparation mechanism to boost investment in clean technologies.
The CTF, which is part of the Climate Investment Funds, has provided resources to developing African countries to develop low-carbon technologies with significant potential to reduce greenhouse gas emissions in the long term.
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TDB launched thematic capital instruments just over a year ago during COP27; the ADB welcomed the announcement with an initial investment of 15 million dollars. es Green+ class C shares allow TDB Group to leverage four times the funds to support qualified public and private sector transactions, aligned with climate and the Sustainable Development Goals (SDGs).
These investments will support the TDB Group's efforts to promote climate action and the SDGs in its member states, generating considerable reductions in greenhouse gas emissions in the long term.
"We are very pleased to receive this investment in our venture capital by the CTF through our strategic partner, ADB. The new capital supports TDB's green growth and climate action agenda and our effort to help Member States achieve their Nationally Determined Contributions. We value the pioneering role of the African Development Bank, which generated a lot of interest from other investors and catalyzed this investment, which strives to generate impact and attractive financial returns“, said Admassu Tadesse, President and General Director of TDB Group.
