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Green Finance

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    The International Trade Centre (ITC), in partnership with the African Guarantee Fund for Small and Medium-sized Enterprises (AGF) and through the support of Nordic Development Fund (NDF), have collaborated to expand access to climate-focused finance for small and medium-sized enterprises (SMEs) in Africa, through a Memorandum of Understanding (MOU) signed in December 2016.

    The collaboration builds on the momentum from the 2016 Sustainable Innovation Forum held in Marrakech, Morocco, and introduces a specialized green-guarantee instrument designed to unlock finance for SMEs to invest in low carbon, green growth and climate resilient development.

    The agreement is part of the technical assistance facility provided alongside the 6 million euros equity investment to AGF by the Nordic Development Fund. The overall investment of NDF aims to unlock up to 36 million euros in private commercial capital for green growth. As part of the agreement, ITC, AGF and NDF are organising conferences and training workshops on green finance for the management and staff of financial institutions, enterprises, women and young entrepreneurs and policy makers in Ghana and Côte d’Ivoire. Similar events were held earlier this year in Kenya and Zambia reaching several hundred participants.

    The aim of these conferences is to provide an important platform to discuss the funding of climate change mitigation and adaptation, climate conscious investments, the risk climate change poses to a financial institution’s portfolio, and the potential for climate change regulations to spur the development of new products and services for individuals and SMEs.

    In addition to the one day conference, two separate training workshops are being organised for directors and credit officers of banks and for women and young entrepreneurs. Bank directors and credit risk officers will be trained on the environmental, social and governance risks associated with green financing loans and investment projects and on the opportunities from adopting new green finance practices. Women and young entrepreneurs will receive a presentation on the opportunities of Green Finance and the AGF credit guarantee facilities, including the Green Guarantee Facility and on how they can access green financing.

    As a follow-up to the first part of the Green Finance Initiative held in Zambia from 2-7 March 2017, Kenya hosted the second edition on 21-28 June 2017. The third edition will now take place in Ghana from 21-25 November 2017.

     

    More information on our partners

    About the African Guarantee Fund: Officially launched on 1 June 2012, the African Guarantee Fund is a pan-African non-bank financial institution owned by the African Development Bank (AfDB), the Danish International Development Agency (DANIDA) and the Spanish Agency for International Development Cooperation (AECID). AGF's primary mandate is to assist financial institutions in Africa to scale up their SME financing through the provision of partial loan guarantees and capacity development assistance.

    About the Nordic Development Fund:  The Nordic Development Fund is a multilateral development finance institution established by Denmark, Finland, Iceland, Norway and Sweden in 1989. Since 2009, its mandate has been to focus on climate and development. It has since proven effectiveness and efficiency and a value-adding niche as a fully operational and functioning piece in the global climate financing architecture.

    Requests concerning the conferences and the Green finance initiative can be addressed at greenfinance@intracen.org.