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AFRICA: the AfDB’s commitment to the transition to the circular economy

National roadmaps could play an important role in creating a favourable environment for the adoption of the circular economy in Africa. The African Development Bank (AfDB) has made the circular economy its priority in order to popularise it on the continent. The financial institution reaffirmed its commitment at the Global Circular Economy Forum 2023, organised by the Finnish Sitra Innovation Fund in Helsinki, Finland from 30 May to 2 June 2023.

The circular economy is a model of production and consumption that involves sharing, renting, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible. It represents an enormous advantage for environmental protection, in that it reduces our impact on nature and cuts down on the exploitation of natural resources. Hence the interest of the African Development Bank (AfDB).

To promote the transition of African economies to this model, the pan-African financial institution is banking on a regulatory framework developed in a consensual and inclusive manner in each of its member states. "National governments need to create the right legal and policy foundations to encourage financial flows to move towards circular economy solutions," said Anthony Nyong, the AfDB's Director of Climate Change and Green Growth, at the Circular Economy Global Forum 2023, organised by the Finnish Sitra Innovation Fund in Helsinki, Finland from 30 May to 2 June 2023.

Through the African Circular Economy Facility (ACEF), a multi-donor trust fund, the African Development Bank is supporting five African countries in developing national roadmaps to enable the transition to a circular model. "It is important that the process of developing the roadmaps is inclusive in order to achieve sustainable, locally-owned results," added Anthony Nyong.

A study cited by the World Economic Forum indicates that the circular economy represents a $4500 billion opportunity by 2030.

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