The African Development Bank Group today launched its first Africa Circular Economy Facility during its 2022 Annual Meetings. The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. The multi-donor trust fund will operate over a five-year period. It will receive initial support of €4 million from the Government of Finland and the Nordic Development Fund. The facility will focus on three strategic areas: institutional capacity building to strengthen the regulatory environment for circular economy innovations and practices; providing support to the private sector through a business development program; and providing technical assistance to the African Circular Economy Alliance. The African Circular Economy Facility will increase the Bank’s portfolio of operations that align with the circular economy. This includes renewable energy, climate-smart agriculture and green manufacturing sectors. This will create new value-chains that generate new green jobs for the African youth.”
SOURCE: AfDB