The Bank of Industry(BOI) has appointed GOPA Intec as the technical consultant under the “Transforming Financial Systems for Climate” (TFSC) Program, funded by a €2.5m grant from the Agence Française de Développement (AFD) and Green Climate Fund (GCF).
The Technical Assistance Program is a critical step in supporting Nigeria’s transition to a sustainable and climate-resilient economy. The Program will develop the capacities of BOI and key financial sector players to manage climate finance, design climate-friendly financial products, and apply global best practices for impactful results in Nigeria.
The program also provides a critical support to enhancing gender financing for women owned or led businesses by creating new strategic partnerships.
Over the next four years, GOPA Intec will provide strategic technical assistance to BOI, helping to mobilize climate finance for key renewable energy, energy efficiency, and climate-friendly projects across Nigeria in both mitigation and adaptation type projects.
The engagement of GOPA Intec as the technical consultant demonstrates Nigeria’s ongoing commitment to advancing sustainable development and green economic growth.
The Transforming Financial Systems for Climate (TFSC) program is part of a global €653 million effort of the Agence Française de Développement Group and the Green Climate Fund to develop a market for climate finance in 17 countries across Africa and Latin America.
The TFSC Program has selected the Bank of Industry to anchor the Climate Finance Strategy, and Environmental and Social Risk Management System implementation for Nigeria.
The specific objectives of TFSC in Nigeria are to:
- Support Nigerian financial institutions in adopting a climate finance strategy and tools.
- Provide support for the promotion of green sustainable growth in different sectors, leveraging both public and private financing.
- Consolidate the application of market-based instruments for environmental/climate-smart investments.
- Improve the competitiveness and growth of cleaner business opportunities that lead to job creation.
- Develop new guiding principles and partnerships with international endowments and foundations to scale financing to women businesses.
- Implement training and capacity building programs for banks, clients and key partners to enhance support for climate investments in Nigeria.
