In conjunction with the Green Climate Fund, Olukayode Pitan, the managing director of Bank of Industry (BoI) said at a conference that it has acquired a €100 million credit through the agency’s Transforming Financial Systems for Climate programme.
Top officials attended the second regional roundtable on “Creating world-class sustainable development financial institutions through embracing holistic sustainability,” some of which includes;
Patricia Ojangole of the Ugandan Development Bank, Mr Arshad Rab, chairman of the International Council of Sustainability Standards, and Mr Thambo Thamane, chief executive officer of the European Organization for Sustainable Development, attended the event, which was organised by the Africa Association of Development Finance Institutions.
The $100 million, according to Pitan, who is also the chairman of the Association of Nigerian Development Finance Institutions, would be used to finance initiatives that support climate change adaptation and mitigation strategies and support Nigeria’s transition to a low-emission economy.
According to him, the BoI also has access to the $600 million Resource Efficiency and Cleaner Production credit guarantee programme, which will help it in its efforts to finance the purchase of equipment for projects that would advance industrial energy efficiency.
He continued by saying that since the Sustainable Development Goals were announced, there had been coordinated efforts made on a global scale to ensure that sustainability was promoted and sold to the world, not for financial gain but rather to ensure that sustainability was achieved with a proactive and unwavering commitment from all stakeholders in the global ecosystem.
Pitan claimed that one of the main objectives of the BoI’s development plan was to hasten the industrialization of the Nigerian economy by offering financial and business support services to projects that promote sustainability and the environment in important economic sectors.
The visit’s goal, according to Mr Thambo Thamane, Chairman of AADFI, was to advance economic and social development in Africa through collaboration with international financial institutions and development partners.