Switzerland promises millions to help fight poverty and climate change in Africa
Residents of a camp for the displaced on the outskirts of Baidoa, Somalia, October 29, 2022.
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Switzerland is to contribute CHF212 million ($235 million) to the African Development Fund (ADF) to help countries in Africa fight poverty and climate change. It will also give CHF27.5 million towards the Multilateral Debt Relief Initiative.
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Suiza promete millones para luchar contra la pobreza y el cambio climático en África
“The current global crises are hitting the poorest African countries particularly hard. Without international support, there is a threat of further setbacks,” the government saidExternal link in a statement on Wednesday.
Switzerland promises to contribute CHF212 million towards the African Development Bank (AfDB) fund, which supports the 37 poorest African countries. Around CHF15 million of the funds will go towards a newly created climate initiative.
Over the next two years the AfDB says it will invest $8.8 billion to help countries improve economic conditions, develop the private sector, address the impact of climate change, and support fragile and conflict-affected countries.
Switzerland announced on Wednesday that it would also contribute CHF27.5 million to the Multilateral Debt Relief Initiative (MDRI). Thanks to this initiative, which has been in place since 2005, over-indebted countries do not have to repay their AfDB loans if they implement certain reforms.
“Switzerland’s contribution sends an important signal of solidarity with Africa’s poorest countries and so underlines the continent’s importance to Switzerland in terms of its development policy, foreign policy and foreign economic interests,” the government declared.
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