AfDB joins Climate Action Africa Deal Room to boost investments in Africa’s green economy
Business a.m.
The African Development Bank (AfDB) is set to team up with the Nigeria Sovereign Investment Authority, The Catalyst Fund and the Africa Enterprise Challenge Fund for the 2024 Climate Action Africa Forum (CAAF24) Deal Room, taking place from 19 -20 June, 2024 at the Landmark Event Centre, Lagos, Nigeria.
The CAAF24 Deal Room is considered an innovative platform connecting high-impact climate innovators in Africa with potential investors committed to accelerating sustainable solutions. The Deal Room is also designed for eligible climate-tech businesses focused on emission reduction, energy, agriculture, transportation, circular economy, building and construction, and other related fields, to apply and stand the opportunity of pitching their sustainable solutions to a panel of committed investors.
The African Development Bank’s commitment to supporting climate action initiatives in Africa and its belief in the potential of the CAAF24 Deal Room to drive sustainable solutions remain unwavering. AfDB’s participation reflects its commitment to boosting investments in Africa’s green economy by galvanising a community of innovators, entrepreneurs, and investors to create applicable solutions to mitigate the challenges of climate change on the African continent.
Sonia Borrini, communication and knowledge management specialist at the African Development Bank, remarked: “By facilitating connections between passionate entrepreneurs and dedicated investors, including the Bank’s strategic involvement, we can collectively unlock the immense potential of climate solutions in Africa.”
According to Borrini, the multilateral bank’s participation reflects its commitment to boosting investments in Africa’s green economy, as it aims to galvanise a community of innovators, entrepreneurs, and investors to create applicable solutions to mitigate the challenges of climate change on the African continent.
Commenting on the development, Grace Oluchi Mbah, executive director of Climate Action Africa, stated: “Through the CAAF24 Deal Room, and with African Development Bank’s presence, we aim to bridge the critical gap between promising climate ventures and the essential resources they need to thrive,”
“By facilitating connections between passionate entrepreneurs and dedicated investors, including the strategic involvement of the Bank, we can collectively unlock the immense potential of climate solutions in Africa.”
The CAAF24 Deal Room will conclude with a post-event accelerator in partnership with the Silicon Valley-based Founder Institute and IDEA Africa. This initiative is designed to further accelerate and enhance support for promising climate tech startups and founders participating in the Deal Room.
The Deal Room has set a distinct eligibility criteria for participants, aiming to support African-owned climate-tech companies across the continent. To qualify, a company must be African-owned, for-profit, between 1-5 years post-incorporation, post-minimum viable product, post-go-to-market, and utilize digital technology in their business model. The CAAF24 Deal Room also values female ownership, viewing it as an added advantage.
The CAAF24 Deal Room will conclude with a post-event accelerator program in partnership with the Silicon Valley-based Founder Institute and IDEA Africa. This programme is designed to further accelerate and enhance support for promising climate tech startups and founders.
Applications for the CAAF24 Deal Room are open from 22 April-2 June.