This mobilization of $ 22.5 B for climate action in Africa between 2021 and 2025, more than doubling the World Bank's commitments to climate projects over the past five years, is in line with the Group's new climate action targets for 2025, which it announced in December 2018.
More than half of this budget will be earmarked for adaptation and resilience (between $ 12 B and $ 12.5 B). The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) will also continue to increase their ambitious support for climate action in Africa. As part of the partnership on Nationally Determined Contributions (NDCs), and with the support of the German Federal Ministry for Economic Cooperation and Development (BMZ), the World Bank will be intensively involved in the Rwanda and Kenya NDCs to accelerate implementation, raise the level of ambition and integrate climate change adaptation and mitigation measures into key sectors.
This support reinforces the Group's "Business Plan" for climate action in Africa, which has already enabled 176 "climate-resilient" development projects to be launched.