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MDBs commit to attract private investments to Africa

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Water management in Africa is one of the focus areas that the MBDs have identified as part of its commitment to climate action. Image credit: Leon Louw for WhyAfrica

MDBs commit to attract private investments to Africa   

Multilateral Development Banks (MDBs) attending the 2023 UN Climate Change Conference (COP 28) affirmed their commitment to a concerted, global action, including increasing co-financing and private sector engagement to address climate change, felt acutely in Africa.

Despite contributing the least to global warming and having the lowest emissions, Africa faces existential risks due to catastrophic impact of climate change.

Perennial droughts in the Horn of Africa and recent devastating floods in Libya, Malawi, Mozambique, Zimbabwe and other parts of the continent have claimed thousands of lives, destroyed infrastructure, washed away hundreds of hectares of food crops and threatened to push millions of people into extreme poverty.

In a joint statement released in Dubai, United Arab Emirates, the banks committed to collaborating on “socially inclusive, gender-responsive and nature positive climate and development actions,” leveraging their unique expertise and networks.

Signatories to the statement include the African Development Bank Group, European Investment Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group.

Collaboration to attract private capital (MDBs commit to attract private investments to Africa) 

For impact, the MDBs will collaborate to attract private capital at scale for countries, expand the scope of reporting climate results and impact, and help countries identify priorities and investment opportunities.

They also committed to support countries’ adaptation and disaster risk management efforts through the MDBs’ Early Warning for All initiative, which promotes accessible and inclusive early warning systems for all by 2027.

MDBs will launch a Long-term Strategies Program to help countries and subnational entities to formulate long-term, low-emission development strategies and other long-term climate strategies.

The banks also expressed support for various sectors including water, health and gender, committing to identify and expand financing for gender-responsive solutions for governments and businesses.

According to a joint MDB report launched in October, climate finance by Multilateral Development Banks for low-income and middle-income economies reached a new record of USD60.7-billion in 2022, up 46% compared to 2019.

About USD38-billion, or 63% of the amount went into climate change mitigation finance, and USD22.7-billion or 37%, supported climate change adaptation. Private finance stood at USD16.9-billion.

MDBs commit to attract private investments to Africa  

WhyAfrica provides on the ground information and business intelligence about the sustainable utilisation and extraction of natural resources in Africa, and can assist your company through:  

  1. Membership:
  • WhyAfrica’s membership offers great business insights to you, your company, and clients.
  • Amongst many other benefits, we will publish editorial content about you or your company on the WhyAfrica online platform and on all WhyAfrica’s social media pages – the annual fee is R6,500 and you can find out more or subscribe here: https://www.whyafrica.co.za/product/membership/ 
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  • To be a member or sponsor allows you access to invaluable, on the ground, business intelligence and a great marketing opportunity for all companies doing business in Africa.
  • The main aim of our Road Trips is to promote Africa as an investment destination and to showcase Africa’s greatest companies, and projects to our large global audience, which includes a list of potential investors, venture capitalists and serial entrepreneurs.
  • To view the photos of this year’s Southern Africa Road Trip click on the gallery link or follow our Instagram account at why.africa https://www.whyafrica.co.za/road-trips/whyafrica-road-trips/. 
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  • WhyAfrica magazines provide great marketing opportunities. There are also in-article and on-line advertising opportunities at exceptional rates. Contact me for more information on leon@whyafrica.co.za or give me a call.
  • To subscribe to WhyAfrica’s free newsletters and magazines click on the link and register: https://www.whyafrica.co.za/subscribe/  
  1. 4. Partnerships
  • Maximise your African exposure and link with our large business network through becoming one of only 10 WhyAfrica partners. We have only five prime partnership positions left for 2023, so contact me at leon@whyafrica.co.za to get the best deal. 

MDBs commit to attract private investments to Africa  


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