African Development Bank sets up Sh498m fund to improve recycling

President Uhuru Kenyatta held talks with Ms. Nnenna Nwabufo, African Development Bank (AfDB) East Africa Region Director-General who called on him at State House, Nairobi on April 6, 2022. [PSCU, Standard]

The African Development Bank (AfDB) has joined forces with the Finnish government to set up the continent’s first circular economy trust fund.

The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible.

AfDB said the new multi-donor trust fund, which will operate for five years, will receive initial support of €4 million (Sh498.5 million) from the Government of Finland and the Nordic Development Fund.

With board approval set for March 30, the fund is expected to improve the regulatory environment for circular economy innovations.

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