CRDB pledges full support for clean cooking initiative

CRDB Bank, the country’s leader in green financing, said yesterday they are ready to allocate funds specifically for the clean cooking energy initiative to support environment conservation efforts.

CRDB’s Group CEO, Abdulmajid Nsekela, said the bank alignment with the government’s vision to support the African Women Clean Cooking Support Programme (AWCCSP) which has the potential to empower women and girls across Africa.

“As a champion in green financing, we are ready to allocate funds specifically for clean cooking energy, contributing to the realisation of the programme’s targets,” Mr Nsekela said in a statement sent from COP 28 meeting in the United Arab Emirates (UAE).

CRDB Bank has a proven track record in green financing, having issued the first and largest green bond in Sub-Saharan Africa, raising 171.82bn/- while last year it allocated some 800bn/- to finance the energy sector.

These funds are directed towards climate-friendly projects, including technologies for clean cooking energy.

“We understand the importance of empowering women financially and our Malkia, our Women Access to Finance Initiatives (WAFI) has already loaned over 600bn/-,” Mr Nsekela said.

CRDB Bank Foundation Managing Director Tully Mwambapa said the foundation is committed to supporting the AWCCSP through the IMBEJU programme, focusing on financing startups with innovative solutions for societal impact.

“Clean cooking and women’s financing will be at the forefront of our efforts,” Ms Mwambapa said.

In four months of its operation, the foundation has reached over 100,000 women and 709 youth startups where seed capital of 5.0bn/- has been issued to women and youths working in all sectors.

As a testament to its commitment, CRDB Bank is actively participating in COP28 in Dubai. The bank’s delegation is led by Chairman Dr Ally Laay accompanied by the Vice Chair, Prof Neema Mori, and Amb Maulida Hassan, a board member.

The AWCCSP, launched by President Samia at COP28, is a three-year initiative aimed at addressing critical gender, environmental, health and economic challenges faced by women and girls in Africa due to traditional cooking methods.

The estimated funding required for AWCCSP is 2.0 billion US dollars per year, focusing on securing support from governments, private sector partnerships, philanthropic foundations and donations.

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