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**** **** **** **** **** TUNIS, Tunisia,** June 21, 2012/ *– *The African
Development Bank (AfDB) (http://www.afdb.org) and five other multilateral
development banks (MDBs) have agreed to significantly leverage their
commitment to sustainable development.****
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The concord between the AfDB, the European Bank for Reconstruction and
Development, the Inter-American Development Bank, the European Investment
Bank, and the World Bank Group, was made at the UN Conference on
Sustainable Development, “Rio+20”, currently taking place in Rio de Janeiro.
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The MDBs’ cumulative investments in sustainable development activities has
averaged USD 93 billion annually in the past five years. In a joint
statement, the six MDBs said: “The need for transition towards green growth
has been recognized as key to sustainable development and prosperity. We
are committed to supporting this transition to green growth – growth that
is attained with a smaller environmental footprint, is inclusive and
achieves gains in opportunities and access to resources by all segments of
the population to reduce income inequity.”****
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The MDBs added that Rio+20 provided “a unique opportunity to launch a
renewed strategy for sustainable development.”****
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The MDBs said that the rationale behind the proposed increase in
sustainable development spending was that a new “green paradigm” needed a
“concerted global effort to innovate and substantially scale up current
efforts.”****
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For its part, the AfDB has demonstrated a strong commitment to sustainable
development and green strategies. It is a crucial area of action for
Africa. The continent contributes the least to greenhouse gases but tends
to suffer the most, in terms of flooding, droughts, and desertification,
among other natural disasters.****
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The AfDB has developed its Green Growth Vision Paper and is investing
approximately USD 6.4 billion over a five year period between 2011 and 2015
through its Climate Action Plan in the energy, transport, water and
agriculture sectors. Also, as sustainable development finance is critical
for African economies, the AfDB has invested in a host of instruments such
as the Congo Basin Forest Fund, the Clim-Dev Africa Fund, the African Water
Facility and the Africa Carbon Support Program.****
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Commenting on the statement, the AfDB president, Donald Kaberuka, said:
“African countries’ pressing need for growth to combat poverty at a time of
runaway population growth mean that development policies must be fashioned
to reduce the environmental impact. And the same African countries also
need to position themselves so they benefit from promoting green economic
growth.”****
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