BoI to finance climate-friendly investments with €100m

The Bank of Industry on Monday said it has accessed a €100m credit under the Transforming Financial Systems for Climate programme of the agency, in collaboration with the Green Climate Fund.

In a statement, the Managing Director, BOI, Olukayode Pitan, said this at the 2nd regional roundtable on ‘Creating world class sustainable development financial institutions through embracing holistic sustainability’.

The event, organised by the Africa Association of Development Finance Institutions was attended by the Chairman, AADFI Mr Thambo Thamane; the Secretary General, AADFI, Cyril Okoye; and Patricia Ojangole of the Ugandan Development Bank; and Chairman of the International Council of Sustainability Standards and Chief Executive Officer, European Organisation for Sustainable Development, Mr Arshad Rab, among other top officials.

Pitan, who is also the chairman of the Association of Nigerian Development Finance Institutions, said the €100m would be channelled towards financing investments that contribute to mitigation and adaptation measures to climate change, toward promoting low-emission transition in Nigeria.

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He said the BoI also has access to the $600m Global Environment Fund/ Resource Efficiency and Cleaner Production credit guarantee scheme that would support it in financing the procurement of plant and machinery for projects that would promote industrial energy efficiency.

Since the Sustainable Development Goals were launched, he added, there had been concerted efforts globally, to ensure that sustainability was advertised and sold to the world not for profit, but to ensure that sustainability was achieved with active and unwavering commitment from all stakeholders in the global ecosystem.

Pitan stated that one of the primary drivers of the developmental strategy at the BoI was to accelerate the industrialisation of the Nigerian economy, by providing financial and business support services to environmentally-friendly and sustainable projects across key sectors of the economy.

During the visit, the Chairman, AADFI, Mr Thambo Thamane, said the objective was to promote economic and social development in Africa through cooperation among financial institutions and development partners across the globe.

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