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AfDB to mobilise finance to rehabilitate Lake Chad Basin

AfDB to mobilise finance to rehabilitate Lake Chad Basin
February 24
21:07 2024

The African Development Bank (AfDB) and the Lake Chad Basin Commission have signed a memorandum of understanding (MoU) to rehabilitate and restore the Lake Chad Basin.

In a statement on its website, the bank said the agreement was signed on the sidelines of the 37th African Union  (AU) summit held in Ethiopia.

The bank said it aims to mobilise financial and technical resources to improve the development and management of water resources, support livelihoods and restore peace in the region.

Marie-Laure Akin-Olugbade, AfDB vice-president for regional development, said the agreement provides a framework for projects and programmes to improve the quality of life for millions of Africans.

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“The Memorandum of Understanding involves transforming living conditions in the hydrographic basin of the six member countries of the Lake Chad Basin Commission, namely Chad, Nigeria, Cameroon, Niger, the Central African Republic and Libya,” the statement quoted Akin-Olugbade as saying.

She added that as the main financial partner of the commission, the AfDB “will consolidate the gains made, through a new integrated regional programme that accelerates sustainable solutions to the challenges of Lake Chad and further improves the living conditions of the basin’s population”.

The statement added that the AfDB continues to support the commission and has “since 2005 financed $241.3 million for several multinational projects in the water, transport, environment, and social sectors”.

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“Recently, the Bank approved $17.8 million for a United Nations Development Programme initiative, “Rompre le cycle de fragilité à travers la stabilization au lac Tchad” (“Breaking the cycle of fragility through stabilization in Lake Chad”). This initiative is expected to raise up to $21.5 million in additional financing from partner organizations,” the statement continued.

“The Bank is also developing a multi-year institutional capacity building program to strengthen the Lake Chad Basin Commission to carry out in-depth environmental, technical and economic studies that will inform solutions, decision-making, and financing requirements for Basin restoration.

“In addition, the Bank’s African Water Facility is financing the development of the second, five-year investment plan to build a pipeline of projects for the sustainable and beneficial use of water resources in the basin, as well as prepare the groundwork for further investments.”

Also, Mamman Nuhu, executive secretary of the Lake Chad Basin Commission, said the MoU would help ensure the sustainability of the lake which has been decreasing as a result of climate change.

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“Our shared goal is to ensure the sustainability of the Lake Chad Basin, especially the Lake, which has dramatically shrunk due to climate change and increased human demands,” Nuhu said.

“This is a manifestation of our commitment to ensuring water security, economic prosperity, and stability in the region. It is an integral part of our shared goal to build climate resilience and sustainable growth.”

 

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