The Parliamentary Under-Secretary of State for Foreign, Commonwealth and Development Affairs (Vicky Ford)

The UK is creating this new liability for two reasons. First, to meet a clear climate financing need. Africa has large and growing financing needs for clean and green development. It is estimated that $3 trillion is needed to implement Africa’s climate strategies over the next 10 years. Secondly, to support the AfDB. The economic impact of the pandemic has constrained AfDB’s capacity to lend to member countries. This guarantee would allow the AfDB to continue to prudently increase its lending capacity at an important time.

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