Kevin Kariuki, Vice President for Power, Energy, Climate Change and Green Growth at the African Development Bank (AfDB), and Juha Savolainen, Deputy Director General of the Finnish Ministry of Foreign Affairs, announced a new green economy fund.Development Bank (AfDB), and Juha Savolainen, Deputy Director General of the Finnish Ministry of Foreign Affairs announced a new fund for the green economy. The Circular Economy Trust Fund was launched on Friday 27 May 2022 in Accra, Ghana.

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, explains the AfDB, in a statement. This first African Circular Economy Facility was launched on the sidelines of its Annual Meetings being held in the Ghanaian capital (May 23-27). The Board of Directors of the Bank Group approved the facility on March 30, 2022. As a trust fund, it will channel, finance and de-risk innovative circular economy business models beyond waste management. It will support the country-led African Circular Economy Alliance (ACEA) in mainstreaming the circular economy into African green growth strategies.