A new bank, the Climate Finance Facility (CFF), is coming on stream in South Africa. The institution will become the first ever green bank to be established under the Green Climate Fund. It will co-finance projects and activities aimed at reducing the effects of climate change. Patrick Dlamini, Managing Director of the Development Bank of Southern Africa (DBSA), said: “CFF is an innovative financial institution that enables us to bring together investors and increase our support for environmentally friendly projects.” Its creation is funded to the tune of $45.8 million by the DBSA and the Green Climate Fund is contributing $55.5 million. The sum will constitute the green bank’s initial capital. The latter will be present in South Africa and other southern African countries such as Namibia, Swaziland and Lesotho.
It will be called Climate Finance Facility (CFF). The bank, which will soon be launched thanks to the joint efforts of South Africa and the Green Climate Fund, will finance projects on climate change and environmental protection.
