AFD Sees Other Banks Joining €400 Million South Africa Climate Loan

The head of France’s state development bank, Agence Française de Développement (AFD), expects other development finance institutions to add to a €400 million ($432 million) climate loan for South Africa, according to a Bloombergreport. 

This loan is part of a broader $9.3 billion climate-finance pact between South Africa and several wealthy nations, initially agreed in 2021. The partnership aims to help South Africa reduce its reliance on coal, which currently accounts for 80% of its electricity generation.