BOAD and Green Climate Fund work on new ways to boost agricultural financing in WAEMU

Economic governance
Friday, 03 February 2023 19:07
BOAD and Green Climate Fund work on new ways to boost agricultural financing in WAEMU

(Togo First) - Today ends a 3-day WAEMU expert meeting on financing sustainable and resilient agriculture. The meeting, held in Lomé, was initiated by the Banque Ouest Africaine de Développement (BOAD) and the Green Climate Fund. The two organizations teamed up to help WAEMU countries in the transition process to resilient agriculture and low greenhouse gas emissions. 

Participants gathered at the meeting covered technological and financial mechanisms that foster the development of agriculture in the countries concerned, with the goal of yielding a financing project in the WAEMU States. 

“We practice rain-fed agriculture, and if it doesn't rain, we don't sow, and don't harvest. Resilient agriculture leverages irrigation, which means that even without rain, we can get water that crops need so they keep producing just like the normal season,” said Yao Merry, head of the division of climate change at the Directorate of Environment, as part of this work.

After the meeting, the Green Climate Fund should issue a concept note that will help improve agricultural financing in the WAEMU. 

The Green Climate Fund and the BOAD have been partners for years and in 2019, the Fund approved a €100 million financing for the Bank to support the renewable energy sector in the Union. 

Ayi Renaud Dossavi

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