On the sidelines of the Summit for a New Global Financing Pact in Paris, African leaders, investors and development partners, including the African Development Bank Group, highlighted their steadfast support for the Alliance for Green Infrastructure in Africa as it advances toward a first close of $500 million for green infrastructure projects in Africa. The Alliance is set to mobilize $100 million in grants for project preparation and $400 million in blended financing through grants, concessional resources, and commercial investments for project development.

The June 22-23 Summit for a New Global Financing Pact offered African presidents, investors and partners the opportunity to discuss the initiative and other innovative climate finance mechanisms against a backdrop of high-level discussions to overhaul the global financial architecture to make it fairer for developing countries. The Summit also rallied leaders of government, financial institutions, corporations and NGOs to lay the foundation for a more responsive, fairer and more inclusive financial system that addresses inequality, debt overhangs, climate change and protecting biodiversity.