By Business AM
The World Bank Group has okayed a new Blue Economy programme that will catalyse financing and provide an operational response to development challenges in coastal-marine areas of Nigeria and other African countries.
The Blue Economy for Resilient Africa Programme (BE4RAP) is a response to the challenge faced by coastal countries in managing their coastal and marine resources to spur economic growth and reduce poverty, while adapting to the effects of climate change.
The global financial group also announced a “Mangrove Blue Carbon Pilot Program”, a first for the World Bank in Africa, as part of BE4RAP. The $13.5 million programme includes $2 million financing from IDA and $3 million from PROBLUE, a multi-donor trust fund housed at the World Bank, and $8.5 million from the Danish energy company Ørsted.
Announcing this on Wednesday at a World Bank event at the ongoing COP27 in Egypt, Valerie Hickey, World Bank global director for environment, natural resources and blue economy, said BE4RAP is about doing more, better, and faster.
“By capitalizing on existing programs and partnerships, we rally under the leadership of the coastal Africa countries and support each with finance and technical assistance,” Hickey said.
BE4RAP is looking to convene a “Focus on Africa Blue Marketplace” in 2023.
Building on the vast existing portfolio of the World Bank in North Africa and sub-Saharan Africa, the BE4RAP is intended to mobilize new support, financing, and partnerships to respond to the COP 27 ambition to have an Africa-wide initiative bringing innovative climate solutions, notably to the Blue Economy.
Cassilde Brenière, deputy director, operations, French Development Agency (AFD), said the agency is deeply concerned with the wellbeing of the African people, cultures, countries and the environment.
“With a wide portfolio of activities in all sectors on the continent, AFD is increasingly engaging on climate, biodiversity, and the SDGs. Addressing many of these challenges at once, the blue economy is a major part of the solution, and we are keen to associate fully with the World Bank on the BE4RAP,” Brenière said.
Martina Jägerhorn, program manager, Nordic Development Fund, expressed happiness that the NDF financing to the World Bank for the West Africa Coastal Areas Management Program Scale-Up Platform has supported the design of the new and innovative blue carbon project for Ghana.
“It has unlocked financing from both the public sector as well as from the Nordic private sector which has the potential to be replicated to the coastal landscape and to other countries in Africa,” Jägerhorn said.
“We look forward to engaging further with the World Bank and many other partners to promote sustainable and resilient blue economy, including through initiatives like the BE4RAP,” she said.
