The World Bank Group yesterday announced a new Blue Economy programme that will catalyze financing and provide an operational response to development challenges in coastal-marine areas of African countries.
The Blue Economy for Resilient Africa Programme (BE4RAP), was announced at a COP 27 World Bank event.
The programme seeks to respond to the challenge coastal countries face to manage their coastal and marine resources to spur economic growth and reduce poverty while adapting to the effects of climate change.
A first for the World Bank in Africa, a “Mangrove Blue Carbon Pilot Program” was announced as part of BE4RAP. The $13.5 million programme includes $2 million in financing from IDA and $3 million from PROBLUE, a multi-donor trust fund housed at the World Bank and $8.5 million from the Danish energy company Ørsted.
“BE4RAP is about doing more, better, and faster,” said World Bank Global Director for Environment, Natural Resources and Blue Economy Valerie Hickey. “By capitalizing on existing programs and partnerships, we rally under the leadership of the coastal Africa countries and support each with finance and technical assistance.”
