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Ivory Coast to establish $500 mln green financing fund

Ivory Coast will develop a $500. million green financing fund to support sustainable development. efforts, the International Monetary Fund (IMF) stated in a. statement.

Africa's 54 countries have borne the force of climate. change, despite releasing far less contaminating emissions than the. industrialised world. They receive just 1% of annual global. climate finance.

Ivory Coast's new center will be developed under the. African Green Banks Effort, a platform working to create a. $ 1.5 billion community of green investment facilities by 2030 on. the continent.

The facility will be capitalised by public sources such as. the Ivory Coast's government, the Green Climate Fund, the Global. Environment Center, multilateral advancement banks,. development financing institutions, and potential private sources.

The West African country, which is the world's leading cocoa. grower, has been drafting brand-new laws to support other green. finance efforts, such as a body to supervise the management of. carbon credits.

Africa has been struck disproportionately hard by the fallout. from climate modification, which has aggravated dry spells, flooding and. cyclones across the continent over the last few years.

In March, the IMF's executive board authorized a $1.3 billion,. 30-month loaning arrangement for Ivory Coast under its. Strength and Sustainability Center.

The government in Abidjan has committed to lowering the. adverse results of environment modification, and the loaning plan. would support its reforms, the IMF said.

(source: Reuters)