Africa's Financing Gap: Circular Economy Program Expands to Eight More Nations, Says AfDB
Africa's Financing Gap: Circular Economy Program Expands to Eight More Nations, Says AfDB
The African Development Bank's circular economy initiative is expanding to more countries, building on successful roadmaps that have already demonstrated how resource efficiency can drive economic transformation, the AfDB said.
Key Details:
🟠New Phase: Angola, Liberia, Madagascar, and Senegal will develop new circular economy roadmaps, while Benin, Chad, Ethiopia, and Mauritius will begin implementing existing frameworks.
🟠Financing Gap: The continent faces an annual development financing gap of more than $400 billion. Circular economy roadmaps help countries strengthen domestic production and turn priorities into investment opportunities, according to the AfDB.
🟠Early Success: In Chad, the roadmap aims to create over 25,000 green jobs and reduce non-recycled waste by 40% by 2035. Benin's action plan sets 10-year goals to achieve a 25% recycling rate and establish 300 circular economy businesses.
🟠Sector Focus: Priority sectors identified include construction, forestry, agriculture, plastics, textiles, manufacturing, energy, and water management.
"A vast portion of Africa’s natural resources continues to be exported unprocessed, hindering industrialization and limiting local job creation. The circular economy directly mitigates this structural loss of value," the AfDB said.
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