The Green Climate Fund (GCF) board has approved funding worth $240 million to address the shortfalls in sub-Saharan Africa's climate-resilient infrastructure (CRI) projects.
The funding via junior equity to the Infrastructure Climate Resilient Fund (ICRF) will support the development of CRI projects in a region struggling to unlock such funding by itself, GCF said in an update on its website.
Climate change, such as rising temperatures, infrequent precipitation patterns and flooding, threatens existing and crucial yet-to-be-built infrastructure in sub-Saharan Africa.
The grant, approved on 16 March will further unlock the financial potential to benefit up to 50 million people directly and 144 million indirectly by securing them reliable infrastructure services.
(Writing by P Deol; Editing by Anoop Menon)