Get the biggest business stories emailed to you every weekday, or go to the News24 Business front page. The African Development Bank has suggested a plan to South Africa that will help the nation use the $8.5 billion in climate financing pledged by some of the world’s richest nations to raise even more funds. The AfDB has recommended that South Africa park the funds in a special purpose vehicle (SPV), bank President Akinwumi Adesina. South Africa is working on a plan to access the funds, which will be a combination of grants, concessional financing and potentially guarantees. AfDB’s proposal has got little support from South Africa or the funding partners, according to people with knowledge of the matter.

Source: News 24 September 23, 2022 10:58 UTC